2023-07-10 12:12:53
The collapse of FTX dealt a huge blow to Tom Brady, a former NFL player often featured in the crypto exchange’s commercials. Brady, who is known for his role as an ambassador for FTX, may even face legal consequences in addition to his significant financial loss following the collapse. According to The New York Times, Brady signed a $30 million partnership deal with the now-defunct crypto exchange at the time. Most of that compensation came in the form of FTX stock, which, despite the risks at the time, looked like a potentially rewarding investment. In addition, as part of the deal, Brady’s ex-wife, supermodel Gisele Bündchen, also received a substantial amount of $18 million worth of FTX stock. Unfortunately, their partnership took an unexpected turn when the crypto exchange filed for bankruptcy in November. Tom Brady’s Urgent Phone Call Brady reportedly called FTX’s head of partnerships Sina Nader immediately upon hearing the news of the bankruptcy, who said: “I never thought I would ever turn down a call from Tom Brady.” However, at that moment Nader was in the middle of a crisis meeting with FTX founder Sam Bankman-Fried and other key people. Recognizing the importance of Brady’s call, Nader immediately called the athlete back following the crisis meeting was over. During their conversation, it became apparent that Brady was deeply “concerned” by the events surrounding FTX. Partnership to disaster FTX has partnered with many sports leagues and prominent athletes, including the famous Brady-Bündchen duo. However, the couple’s relationship with FTX goes far beyond mere support, as they supported the company in a colossal, $20 million campaign. Brady’s connection to FTX is further evidenced by his TikTok videos of him and FTX founder Sam Bankman-Fried at the company’s luxury headquarters in the Bahamas. However, the company’s seemingly prosperous partnerships soon fell apart, plunging both the athletes and the crypto trading platform into a deep crisis. Events took another serious turn when investors filed a class action lawsuit once morest Bankman-Fried. This legal action not only named Brady and Bündchen as defendants, but also other high-profile athletes such as Shaquille O’Neal, Stephen Curry, Trevor Lawrence, Naomi Osaka, David Ortiz, and Shohei Ohtani. The fallout took a toll on Bankman-Fried herself, as her net worth plummeted from $30 billion to just $4 million following the collapse.
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