The collapse of FTX dealt a devastating blow to Tom Brady, the famous NFL quarterback, causing him to incur huge financial losses. Brady is best known for his role as an ambassador for FTX, and has frequently appeared in their commercials, endorsing the cryptocurrency company.
According to The New York Times, he struck a lucrative deal with the now-defunct organization, and received a whopping $30 million payment. The majority of this compensation was in the form of FTX shares, which is a risky but rewarding investment.
To compound the situation, Brady’s ex-wife, supermodel Gisele Bundchen, also received a whopping $18 million worth of FTX stock as part of the agreement. Unfortunately, their fortunes took an unexpected turn when the cryptocurrency exchange filed for bankruptcy in November.
Tom Brady’s urgent appeal amidst the chaos
Brady reportedly had an urgent phone call with Cena Nader, Head of Partnerships at FTX. The seriousness of the situation was underlined by the fact that Nader told the New York Times, “I never expected to turn down a call from Tom Brady.” However, at that very moment, Nader found himself embroiled in a crisis meeting with FTX founder Sam Bankman-Fried and other key employees.
Realizing the importance of Brady’s call, Nader promptly returns it after the crisis meeting is over. During their conversation, it became clear that Brady was very “worried” about the events revolving around FTX.
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A sports partnership that turned into a disaster
FTX has been involved with many sports leagues and high-profile athletes, including the famous duo Brady and Bundchen. the Couple sharing with FTX Extending beyond endorsements, they starred in a massive $20 million ad campaign, showing their support for the company.
Brady’s connection to FTX is evidenced by his TikTok videos, which show him alongside FTX founder Sam Bankman-Fried at the company’s luxurious headquarters in the Bahamas. However, these seemingly thriving ties soon unravel, plunging the athletes and the cryptocurrency company into a deep crisis.
Recent developments have taken a grim turn, eg The investors started a class action lawsuit Lawsuit against Bankman Fried. This legal action not only named Brady and Bundchen, but also named other notable sports figures such as Shaquille O’Neal, Stephen Curry, Trevor Lawrence, Naomi Osaka, David Ortiz and Shuhei Ohtani as defendants.
Investors are seeking accountability for the financial losses they have incurred due to the collapse of the crypto empire.
The repercussions were profound for Bankman-Fried himself, as his net worth fell from $30 billion to a mere $30 billion $4 million in the aftermath of the collapse. The founder’s fall from grace took an even more serious turn as federal fraud charges surfaced, exacerbating his dire situation.
Featured image: By Tom Brady and Gisele Bundchen /Harry Ho / Getty Images, Jamie McCarthy / Getty Images
