Elon Musk Predicts President Biden Will Pardon FTX’s Sam Bankman-Fried

Elon Musk has joined the debate over a potential pardon for FTX founder Sam Bankman-Fried (SBF), predicting Biden will grant him an early pardon. Musk’s comment has fueled further speculation, particularly among those who believe that SBF’s political donations and connections might influence his legal outcome.

I will be shocked if this doesn’t happen

— Elon Musk (@elonmusk) December 23, 2024

In response to a post emphasizing Bankman-Fried’s position as the second-largest donor to the Democratic Party, Musk remarked:

“I will be shocked if this doesn’t happen.”

Polymarket Pardon Odds 5%-10%

The debate over SBF’s potential pardon began in April when a Polymarket wager asked if President Biden would use his executive powers to pardon or grant clemency to Bankman-Fried. During the 2020 presidential race, Bankman-Fried was one of Biden’s top contributors, donating $5.2 million. Despite this, Polymarket participants remain skeptical, with the odds of a pardon at just 5% to 10%.

Bankman-Fried founded FTX in 2019 and built it into one of the world’s most popular cryptocurrency exchanges. However, the company’s collapse in late 2022 led to allegations of one of the largest financial frauds in history, damaging his reputation.

By October 2023, SBF had been found guilty of fraud and conspiracy. He will serve 25 years in federal prison following his sentencing in March 2024. Despite the legal setbacks, his political ties still give him some hope for a potential pardon.

FTX Executives Avoid Jail Time for Cooperation

In related news, Gary Wang, FTX’s former CTO, has avoided prison time due to his cooperation with authorities in securing Bankman-Fried’s conviction. U.S. Judge Lewis Kaplan, who made the announcement, acknowledged Wang’s partial responsibility for the crimes but emphasized that his cooperation played a crucial role in the case. The judge deemed Wang’s assistance a fair reason for leniency.

Similarly, Judge Kaplan ruled that Nishad Singh, FTX’s former chief engineer, will also avoid jail time due to his cooperation with prosecutors in the case against the exchange’s founder, Sam Bankman-Fried (SBF).