2023-07-10 22:13:37
FILE – Taylor Swift arrives at the 65th annual Grammy Awards on Sunday, Feb. 5, 2023, in Los Angeles. Photo: Jordan Strauss/Invision/AP, file
Taylor Swift grabbed headlines in mid-April when it emerged that she was the only celebrity who refused to promote the failed cryptocurrency exchange FTX, an agreement for which a lawyer was asking other promoters for about US $ 5,000 million in compensation.
As reported in December The Financial TimesSam Bankman-Fried had reached “the last stages of negotiations” with Taylor Swift for an endorsement deal worth more than $100 million, but talks with the pop star fell through just months before FTX collapsed. in November.
Discussions included an agreement to issue concert tickets with digital certificates known as non-fungible tokens. FTX had already struck deals with soccer star Tom Brady and supermodel Gisele Bündchen, as well as tennis player Naomi Osaka and basketball players Shaquille O’Neal and Steph Curry.
“In our investigation, we found that Taylor Swift asked them, ‘Can you tell me these aren’t unregistered securities?’” Adam Moskowitz, head of the class action lawsuit against FTX promoters, said on The Scoop podcast in April. , from the information platform on digital assets The Block.
The reckoning began
Now FTX is bankrupt and Bankman-Fried faces criminal fraud charges, as a “humiliating reckoning” unfolds against high-profile celebrities “who were quick to accept the easy money,” The New York Times reported Thursday.
Eight months after the FTX fiasco, The New York Times He also revealed that Taylor Swift actually did sign the endorsement deal and that it was FTX executives who decided not to go through with it.
According to the outlet, which cites three people with knowledge of the agreement, the two parties negotiated for six months “and it was Mr. Bankman-Fried who withdrew.” “The last minute reversal left Swift’s team frustrated and disappointed,” two of the sources said.
Continue reading the story
The news was confirmed by CNBC and thereby belies public messages about the nature of the failed FTX-Swift deal. A source familiar with the matter told the outlet that the deal was “signed off and delivered to FTX founder Sam Bankman-Fried’s email inbox.”
The document sat in the inbox with no response for a period of a few weeks, the source said, adding that a group of FTX executives ultimately convinced Bankman-Fried not to go ahead.
The person familiar with the matter asked to remain anonymous due to ongoing federal and bankruptcy proceedings.
Sam Bankman-Fried is released on bond from Manhattan federal court in New York City on Thursday, Dec. 22, 2022. AP Photo/Ted Shaffrey
FTX filed for bankruptcy in November 2022. Bankman-Fried faces multiple federal charges, including fraud and campaign finance violations.
Three other FTX executives, Gary Wang, Caroline Ellison and Nishad Singh, have pleaded guilty to various federal charges and are cooperating with the government’s prosecution of Bankman-Fried.
Taylor Swift’s fortune
Taylor Swift manages a net worth of $570 million, has won 12 Grammy Awards, and more than 3.5 million fans registered for her US tour pre-sales alone this year.
Elite investor Boaz Weinstein, a self-confessed “swifty” and founder of the $4.3bn hedge fund Saba Capital Management, joked in May that the singer’s investment savvy is another reason for her immense appeal.
Weinstein revealed on Twitter that Taylor Swift invests her fortune in discount closed-end funds. “You may believe I’m kidding, but your father Scott told me!” He said from a concert of the singer in Philadelphia.
Scott Swift, the pop star’s father, used to work for the money manager Merrill Lynch.
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