A billionaire former investor in the failed Bitwise Industries is supporting Measure S, the half-cent transportation tax successor to Measure C.
Campaign finance reports show that Kat Taylor, the wife of former California Governor candidate Tom Steyer, has contributed $20,000 to the Measure S campaign.
Flashback: In 2019, Bitwise Industries announced $27 million in Series A financing led by Kapor Capital, New Voices Fund and the Quality Jobs Fund. Along with the lead investors, Bitwise revealed it had received funding from a number of other groups, including Arlan Hamilton’s joint venture with Taylor, Mark Cuban and others.
Taylor’s exact investment in Bitwise is not publicly known.
Bitwise went on to collapse in May 2023, with roughly 1,000 employees across several states losing their jobs as the company ran out of money.
Bitwise co-founders Jake Soberal and Irma Olguin Jr. were ultimately running a Ponzi scheme with Bitwise in what turned out to be a $115 million federal financial fraud case. The duo pleaded guilty to one count of conspiracy to commit wire fraud and one count of wire fraud. Soberal was sentenced to 11 years in federal prison, and Olguin was sentenced to nine years in federal prison.
The big picture: A campaign finance contribution report filed with Fresno County on Sep. 4 show that Taylor donated $20,000 to a group named “Fresno Co. Residents for Better Roads and Safe Streets – Yes on S, spons. by nonprofit community org and labor org.”
Overall, the Yes on Measure S campaign has been supported by nearly $1.5 million in total financial support.
The majority of the campaign’s funding has come from the Central Valley Community Foundation, which has spent $822,000 on Measure S.
Leadership Counsel for Justice and Accountability also reported a $75,000 contribution last month.
What we’re watching: Fresno County voters will decide on Measure S at the Nov. 3 election.