A pitch document obtained by Politico shows that Democratic megadonor Chris Larsen and Palmer Luckey, the founder of Anduril and Oculus, invested undisclosed sums in APEC, a derivatives exchange. The company was founded by Senator Kirsten Gillibrand's son, though his name is not detailed in the document.
Larsen has contributed to Gillibrand's political campaigns multiple times over the years, adding a layer of political scrutiny to the investment. Luckey's involvement also brings attention given his prominence in defense tech and his past political controversies.
The document did not specify the amount raised or the valuation of APEC, which operates as a derivatives trading platform. The undisclosed nature of the investments leaves questions about the financial size of the deal and the exact stake held by each backer.
This funding raises potential conflict-of-interest concerns, as Larsen's history of supporting Gillibrand's campaigns could overlap with his business interest in her son's venture. However, there is no evidence of improper coordination.
The story underscores the blurred lines between political donations and family business investments, though no ethics violations have been alleged. More details may emerge if APEC or the senator's office responds to inquiries.