Jesse Powell, co-founder of cryptocurrency exchange Kraken, has filed a lawsuit against the co-op board of a luxury apartment building in San Francisco, alleging they blocked his attempt to purchase a home due to bias against his ties to the crypto industry and conservative causes.
The lawsuit filed on February 5 in San Francisco Superior Court accuses the board of a 12-apartment building at 2500 Steiner Street of unlawfully discriminating against an individual named Powell by rejecting his bid to purchase a unit. The lawsuit claims the board did not justify the denial, and Powell’s legal team argues that the rejection was influenced by factors such as an FBI search of his home, his support for conservative causes, and his connections to the cryptocurrency industry, which is viewed negatively by the co-op members.
The lawsuit names venture capitalist Bruce Golden as a key figure blocking Powell’s sale application. Powell claims Golden, a Democratic donor, led efforts to reject his application, while the co-op’s board cited financial reasons related to a purported lack of a signed tax return. Powell disputes this, asserting there was no such requirement and that he had provided sufficient financial documents. Ultimately, the board and non-selling shareholders unanimously rejected the sale without further explanation.
Powell’s frustration was evident in an X post, where he wrote, “Frankly, I’m fed up with condescending, elitist bigots unlawfully discriminating against me. This time, it’s housing in San Francisco. I had hoped to return to take part in the revitalization of the city.” The lawsuit seeks court intervention to finalize the purchase agreement and seek damages.
This legal dispute comes as Kraken reported impressive financial performance for 2024, achieving a revenue of $1.5 billion, a 128% increase from the previous year. The company also recorded $380 million in adjusted EBITDA, demonstrating its strong market position and operational efficiency.
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