Ah, dear reader, gather ’round as we delve into the curious case of David Sacks, the illustrious AI overlord of the White House, who has taken it upon himself to chastise the media for their dastardly portrayal of his recent escapade into the world of digital assets. It seems our dear Sacks has liquidated his holdings, and the press, in their insatiable thirst for scandal, has labeled it a “dump.” How quaint! 📰
In a moment of clarity, Sacks proclaimed that this was not a sign of waning faith in the shimmering realm of cryptocurrencies, but rather a necessary act of compliance with the ever-watchful eyes of government ethics. One can almost hear the sigh of relief from the bureaucrats! 😅
Sacks Speaks Out
On the fateful day of March 18, in a post on the platform formerly known as Twitter, Sacks took to the digital stage to address the raucous claims of his “dumping” spree:
“Why does the media always want to portray crypto in the worst light? I did not ‘dump’ my cryptocurrency; I divested it.”
Ah, the art of semantics! A true master of the language, our Sacks. According to the U.S. Office of Government Ethics, those in positions of power must rid themselves of personal digital assets before they can frolic in the fields of crypto policymaking. A noble endeavor, indeed!
Earlier this month, our protagonist confirmed the sale of all his digital treasures. A memo from the government, dated March 5, revealed that he and his merry band at Craft Ventures had divested over $200 million in crypto holdings, all in the name of ethics, of course. The man, now 52, had personally offloaded at least $85 million worth of crypto before donning his new hat of responsibility. Quite the financial acrobat, wouldn’t you say? 🎩
Once upon a time, Sacks and his companions held significant stakes in the digital asset kingdom, including shares in Robinhood and Coinbase, and partnerships in the illustrious venture capital firms Multicoin Capital and Blockchain Capital. But alas, the winds of change have blown, and while Craft Ventures still dabbles in some crypto startups, Sacks has distanced himself from direct exposure. His remaining indirect interests, however, include stakes in the crypto custody firm BitGo and the Bitcoin protocol developer Lightning Labs, which represent a mere 2.5% and 1.1% of his total assets. A veritable fortune, if one squints just right! 💰
Public Scrutiny and Defence
As fate would have it, our crypto czar found himself under the public microscope following Trump’s announcement in early March that certain cryptocurrencies, including the ever-controversial Solana, would be part of a national digital assets reserve. Critics, with their sharp tongues, suggested that Sacks was merely using this opportunity to fatten his own portfolio. Oh, the audacity! 😲
In a valiant defense, Sacks declared to the masses that he had already sold much of his holdings to avoid any whiff of conflict of interest. A true knight in shining armor, if only for the sake of appearances!
His noble stance was echoed by the likes of Cameron Winklevoss, co-founder of Gemini, who took to the digital ether to proclaim, “He is doing tremendous work and will not be sharing in any of the economic upside to avoid even the slightest appearance of a conflict.” A round of applause for our gallant defenders of ethics! 👏
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2025-03-20 01:28