Coinbase CEO Brian Armstrong is more than $2 billion richer after post-election stock pop
Summary
Coinbase shares soared 31% on Wednesday, their best day on record, as investors celebrated the companys victorious efforts to get pro-crypto candidates into office. Armstrong, who co-founded Coinbase in 2012 and took it public in 2021, remains the crypto exchanges biggest investor, with ownership of well over 10% of the companys outstanding shares. "Being anti-crypto is simply bad politics," Armstrong wrote in a post on X, after Ohio Republican Bernie Moreno was declared the winner in his states Senate race over incumbent Democrat Sherrod Brown. "I look forward to working with the new Republican Senate majority to fix our economy, secure our border, and return to American strength at home and abroad." Coinbase stayed out of the presidential contest and focused its finances exclusively on congressional races, in an effort to assemble a group of lawmakers with favorable views of the industry.