Antonio Gracias, a billionaire private equity investor, has bought controlling interest in Lykos this fall. This company is the current provider of MDMA therapy in the United States, and Gracias is one of Elon Musk’s best friends. Implementation of this change will be a paradigm shift in the rapidly evolving field of psychedelic therapy. Gracias is departing Musk’s toxic Doge experiment to start the trippiest journey since acid was invented.
Gracias’s relationship with Elon Musk spans over two decades, during which they have engaged in multiple personal and family vacations, including an intriguing trip to the magician David Copperfield’s Bahamanian island. Gracias’s recent pursuits are illustrative of a burgeoning movement interested in the therapeutic potential of psychedelics. Yet this has garnered the attention and scrutiny of bi-partisan, multi-sector stakeholders.
In October, Gracias danced alongside Rick Doblin, a leading advocate for psychedelic drugs, at Nova Heaven, a sunrise rave tribute held in the Nevada desert for victims of the Hamas-led terrorist attack on October 7. That memorable conference meeting started a collaboration between Doblin and Gracias that evening. Immediately following, Doblin laid out a detailed and disruptive business plan that would bring MDMA-based treatment to America.
A Transition from Doge to Psychedelics
Prior to coming aboard under Lykos, Gracias built quite the reputation during his time at Doge. There, he not only enforced but served as a proxy for Musk. After Donald Trump’s inauguration, Gracias became an instrumental figure in remaking federal agencies. He chaired an interagency task force at the Social Security Administration and secured access to immigration data at the Department of Homeland Security.
Although Doge’s tactics were innovative, their goals and approach were highly controversial, so Gracias’s involvement with Doge raised eyebrows from the beginning. His tenure was marked by terse, often cryptic communications dictating Musk’s orders as the world watched the then-bumpy takeover of Twitter play out in 2022. On July 4, in the face of this severe criticism, he proclaimed his resignation from Doge and declared he had not derelicted his duty.
“Antonio Gracias we will not forget your cruelty.” – “The Guardian”
SV’s right wing is making a fascinating turn. Yet, just as they’re escaping an inflamed political climate, they’re entering the new and developing world of psychedelic therapy. Most within this orbit see the therapeutic and commercial possibilities of consciousness-altering drugs as too promising and profitable to resist.
Investing in Psychedelic Research
Gracias has shown a willingness to move the field of psychedelics forward with sizable financial investments. In 2020, he surprised everybody with a donation of $1 million to the Multidisciplinary Association for Psychedelic Studies (MAPS). Earlier this year, he set aside another $16 million to fund psychedelics research at Harvard.
Together, these contributions reflect a proven and serious commitment to the future direction of MDMA therapy. Yet, Gracias continues to be criticized in spite of this financial investment. This past April, the FDA denied Lykos’s application for regulatory approval, citing worries over a lack of robust trial data.
Mason Marks, a legal expert in psychedelics, commented on the situation, stating, “It’s very possible that MDMA is a safe and effective treatment under the right conditions. I don’t think that was demonstrated adequately by the data, and there were a lot of question marks.”
“MAPS conducts all fundraising activities with the highest integrity and maintains strict ethical boundaries in all donor relationships and fundraising activities. MAPS does not supply controlled substances at any events or gatherings, nor do we use substances as a fundraising tool or strategy.” – “MAPS”
Critics have raised alarms about the integrity of Lykos’s approach, with some suggesting that Gracias’s past at Doge indicates a disregard for factual accuracy in pursuit of profit.
“Gracias’ willingness to back a company rejected for safety failures while pushing disinformation at Doge suggests a consistent disregard for facts in pursuit of profit.” – “Psymposia”
The Future of Lykos and Psychedelic Therapy
Lykos is just as intent on fighting regulatory obstacles to innovation and change. It has a huge fight ahead of it to prove its usefulness and safety in concept to federal regulators. The company’s recent FDA rejection highlights the doubt about its scientific claims and methodologies.
Brad Burge, an advocate for psychedelic research, observed the historic relationship between Silicon Valley and psychedelics. “There’s been decades and decades of overlap between Silicon Valley and psychedelics,” he explained. “It’s just new in this epoch to be seeing this level of funding from highly public people.”
Rick Doblin expressed hope that Gracias might take on a healing-focused approach at Lykos: “I was sort of looking for a white knight that would come in and would be more focused on healing and on public benefit.”
While there are still hurdles to overcome, Gracias is undaunted in her mission to expand access to psychedelic therapy. As Lykos attempts to secure regulatory approval amidst controversy and skepticism, it will be interesting to observe how the company evolves under his leadership.