Former Stripe engineer Saikat Chakrabarti lost his bid to succeed Nancy Pelosi in California to a candidate backed by Ripple's Chris Larsen.

Former Stripe engineer Saikat Chakrabarti lost his bid to succeed Nancy Pelosi in California to a candidate backed by Ripple's Chris Larsen.

Saikat Chakrabarti spent nearly $10M of Stripe equity but finished third in the race to succeed Pelosi, as Ripple's Chris Larsen backed the frontrunner.