ConstitutionDAO emerged out of a Twitter joke, but ultimately raised more than $40 million to bid on an auction for a rare first printing of the U.S. Constitution. After being outbid by a hedge fund CEO, the group refunded all donations. However, there was enormous infighting over things like the possible value of the governance token (named $PEOPLE), and enormous gas fees taking up much of the money that people were supposed to be refunded. Ultimately, the DAO closed down without a single vote being cast.