Former National Football League (NFL) quarterback Tom Brady has reportedly lost tens of millions of dollars in stock of the failed crypto exchange FTX. According to a New York Times report, Brady received $30 million from FTX, mostly in company shares, before the platform filed for bankruptcy in November 2022.
Millions in Stock Now Worthless
Brady's ex-wife, supermodel Gisele Bündchen, also received $18 million in FTX stock. The shares have become virtually worthless following the exchange's collapse. Both Brady and Bündchen appeared in a $20 million advertising campaign for FTX, with Brady even posting TikTok videos alongside FTX founder Sam Bankman-Fried from the company's Bahamas headquarters.
Bankman-Fried was arrested in January 2023, extradited to the United States, and charged with defrauding investors. The former couple are among several celebrities named in a class-action lawsuit filed by FTX customers who claim they were misled by the endorsements.
Other Celebrities Named in Lawsuit
Other high-profile promoters targeted in the lawsuit include tennis star Naomi Osaka, Golden State Warriors guard Stephen Curry, and NBA Hall of Famer Shaquille O'Neal. O'Neal was reportedly served legal papers in April after allegedly evading service for months.
The lawsuit argues that these celebrities used their fame to encourage investments in FTX's products, causing financial harm when the exchange failed.
Taylor Swift's Near Miss
The New York Times also revealed that pop icon Taylor Swift negotiated with FTX for months and signed a deal that could have paid her up to $100 million. However, Bankman-Fried ultimately pulled out, sparing Swift from the ensuing scandal and potential liability.
The case continues to unfold, raising questions about celebrity responsibility in the cryptocurrency space.