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Sam Bankman-Fried's companies racked up a $400,000 DoorDash bill, documents show, after reportedly giving staff $200 a day to spend on food deliveries

Sam Bankman-Fried, a DoorDash sign, and a Margaritaville in Florida.
Sam Bankman-Fried, a DoorDash sign, and a Margaritaville in Florida.REUTERS/Eduardo Munoz; REUTERS/Carlo Allegri; Roberto Machado Noa/LightRocket via Getty Images
  • Court documents filed Wednesday show Sam Bankman-Fried's companies spent over $400,000 with DoorDash.

  • FTX US gave employees $200 of DoorDash food credit every day, the FT previously reported.

  • The new documents also show Alameda Research spent nearly $600,000 at Jimmy Buffett's Margaritaville

Lavish spending at the now-bankrupt companies founded by Sam Bankman-Fried saw them rack up bills of $400,000 with food delivery company DoorDash in just a matter of months, according to court filings reviewed by Insider.

Crypto exchange FTX imploded last November after concerns about commingling of funds with its sister firm, Alameda, led to mass customer withdrawals.

Lawyers handling the Chapter 11 case say Bankman-Fried had a $65 billion line of credit as his "personal piggy bank," which he used to fund spending on real estate and political donations, meaning FTX couldn't cover all its customer withdrawals.

Bankman-Fried has since been charged with 12 criminal counts, but extravagant staff perks have also racked up huge bills.

The documents filed in the Delaware bankruptcy court on Wednesday show bills of a combined $403,765 from the food delivery firm to FTX entities. Doordash was paid a combined $357,526 by West Realm Shires Services – the entity which controls FTX US – in May and July 2022. The food delivery company is still owed $46,239 by Alameda, the documents show.

FTX US' bills with DoorDash came in the form of a $173,000 payment in May 2022, and another of $183,000 in July 2022. The entity had around 75 employees, per an Axios report in November.

DoorDash confirmed to Insider that FTX US was a customer of "DoorDash for Work, our employee benefit product."

Former employees previously told the Financial Times that FTX US gave employees $200 of DoorDash food credits a day.

The app's most expensive meal available for delivery to FTX's Berkeley, California office was a $56 New York strip steak and lobster from Japanese restaurant Hana. That means that in theory every employee could have had three such meals a day, charged to the company.

Insider reported in November that Jimmy Buffett's Margaritaville resort in the Bahamas was seeking $55,319 from Alameda – but it turns out it actually owes over 10-times that amount.

Wednesday's court filings show the oceanside retreat named after Buffett's hit single is now claiming $599,409 from the crypto hedge fund.

Resort staff previously told Bloomberg that Alameda had around 20 premium suites at Margaritaville, while a shuttle bus took them to and from the head office – a roughly half-hour drive to the opposite side of the island.

Both FTX's debtors and a spokesperson for Sam Bankman-Fried declined to comment when contacted by Insider, while Margaritaville did not respond.

Read the original article on Business Insider