Crypto CEO Chris Larsen Donates $500,000 to Support Political Moderate in Supervisors Race

Crypto billionaire Chris Larsen poured a record $500,000 into the campaign to elect Theo Ellington, a moderate Democrat, to the San Francisco Board of Supervisors this week, according to new finance filings. 

The donation is believed to be the largest in San Francisco history to a third-party supporting a single candidate. 

Larsen made the contribution, first reported by the San Francisco Standard, through a newly created political action committee called: “From the Neighborhood, For the City, Supporting Theo Ellington For District 10 Supervisor.” 

While individuals are limited to donating just $500 directly to a single candidate, donors routinely pour larger amounts into PACs. Ahead of the June election, billionaire Michael Moritz donated $250,000 to a GrowSF political action committee supporting District 4 supervisor Alan Wong.  

Alan Wong greets members of the public after he is sworn in as District 4 supervisor by Mayor Daniel Lurie at Abraham Lincoln High School in San Francisco on Dec. 1, 2025. (Beth LaBerge/KQED)

Ellington, a lobbyist and the current executive director of the Ruth Williams Bayview Opera House, is running to replace progressive supervisor Shamann Walton, who will term out in November. The race is among a few that could determine whether Mayor Daniel Lurie is able to maintain a moderate majority on the Board — a voting bloc that’s been key to passing a number of his policy proposals over the last two years. 

As of Sept. 4, Larsen’s donation has eclipsed the direct funding contributions in the race to represent just under 80,000 residents in the Bayview, Potrero Hill, the Dogpatch and Central Waterfront. Ellington has more than $470,000 in the bank, while opponents J.R. Eppler has just over $150,000 and Dion-Jay “DJ” Brookter trails with $129,000.

Eppler said in a statement that District 10 residents “deserve to choose their representative without record-breaking outside money.”

“Billionaires don’t simply give away half a million dollars,” he said. “They invest it and expect a return.” 

“You’re seeing a lot of local jurisdictions do outright moratoriums or bans on them,” he said. “This has become a much bigger political fight than I believe even big tech thought it would be. They are beginning to hedge their bets and funnel obscene amounts of money into local races.”

Menlo College political science professor Melissa Michelson, who studies elections, said the influx of large donations raises questions about whether individual donors or companies may unfairly impact election results.

San Francisco City Hall on Aug. 2, 2023.  (Beth LaBerge/KQED)

“This is far beyond what we normally see,” Michelson said. “Any time you see a large donation — especially when it seems like it’s overly large, given the size and competitiveness of a race — it raises questions about whether somebody is having or could potentially have undue influence.”

She said that’s especially a concern for “low-information races” like supervisor races, in which voters are generally less informed and rely more on name recognition. 

“You’re just more able to tell people that you’re running and get out there and advertise your campaign,” Michelson said.

“Money doesn’t always win, but money almost always wins,” she continued.

KQED’s Sydney Johnson contributed to this report.