In a shocking turn of events, Tom Brady, the legendary NFL quarterback, has allegedly lost a staggering $30 million due to the collapse of the cryptocurrency company FTX. This unfortunate incident has not only impacted Brady’s wealth but also raised legal concerns for him and his former wife, Gisele Bundchen. In this blog post, we will delve into the details of Brady’s association with FTX, the collapse of the company, and the legal implications that have ensued.
Tom Brady’s involvement with FTX began in 2021 when he signed an agreement to promote the company as its ambassador. As part of this agreement, Brady received $30 million worth of stock in FTX. His then-wife, Gisele Bundchen, also received a substantial sum of $18 million in stock. The couple held a combined $48 million worth of shares in the company.
The collapse of FTX came as a shock to investors and celebrity endorsers alike. The New York Times reported that FTX filed for bankruptcy in November, leading to the loss of significant investments for many, including Tom Brady. The former CEO of FTX, Sam Bankman-Fried, is now facing federal fraud-related charges in connection with the company’s collapse.
FTX investors who suffered losses as a result of the company’s collapse have taken legal action against the celebrity endorsers, including Tom Brady and Gisele Bundchen. Lawsuits filed in federal court in Florida allege that the defendants failed to conduct proper due diligence before endorsing FTX products. Other notable figures, such as Shaquille O’Neal, Larry David, Naomi Osaka, and Stephen Curry, are also named as defendants in these lawsuits.
Prior to the collapse, FTX had achieved a valuation of $32 billion, and Brady and Bundchen held $48 million worth of shares. However, with the collapse, the value of these stocks has plummeted to zero, resulting in substantial financial losses for the celebrity endorsers. This significant loss of wealth is a setback for Tom Brady, but he remains a prominent figure in the sports world.
Despite the financial setback, Tom Brady continues to be a highly regarded and successful athlete. In 2023, Forbes ranked him 50th on its list of the World’s Highest-Paid Athletes, with a total earning of $45.2 million from football salary and endorsements. Brady’s success on the field and his popularity among fans have solidified his status as one of the most influential figures in the sports world.
Tom Brady’s association with FTX and the subsequent collapse of the company serve as a cautionary tale about the potential risks involved in endorsing and investing in cryptocurrencies. This unfortunate incident highlights the importance of conducting thorough due diligence before associating with any company or investing in volatile assets. Celebrity endorsements can have significant consequences, both financially and legally, and it is crucial for public figures to be aware of the potential risks involved.
The collapse of FTX has had a profound impact on Tom Brady’s financial standing, with the NFL legend reportedly losing $30 million. The legal implications surrounding the collapse have added further complexity to the situation, with lawsuits filed against Brady and other celebrity endorsers. This incident serves as a reminder of the risks involved in the world of cryptocurrencies and the importance of conducting proper due diligence. Despite this setback, Brady’s status as a successful athlete and influential figure remains intact, demonstrating his resilience and continued prominence in the sports world.