A recent report has disclosed that former National Football League (NFL) quarterback Tom Brady was paid a staggering $55 million to appear in advertisements for the now-collapsed cryptocurrency exchange FTX. As part of the three-year deal, Brady was required to dedicate 20 hours annually to promotional activities.
Massive Payouts for Celebrity Endorsements
The details of Brady's and fellow sports icon Stephen Curry's compensation were made public by author Michael Lewis, who claimed to have reviewed the confidential documents. According to Lewis, basketball star Stephen Curry received $35 million for promoting the exchange.
Despite receiving millions of dollars in FTX stock shortly before the exchange's catastrophic collapse, Brady is believed to have suffered a $30 million loss. Previously, Bitcoin.com News reported that Brady's then-wife Gisele Bündchen saw her net worth drop by $18 million after her FTX holdings became worthless.
From Friendship to Fallout
Discussing SBF's budding friendship with the NFL star, Lewis recalled: "He really liked Tom Brady. And Sam wasn't a big sports person, so it was funny to watch that interaction. It was like, 'These two people actually get along.' It's like the class nerd and the quarterback." However, Lewis added that after FTX's sudden collapse in late 2022, an angry Brady believed Bankman-Fried had tricked him into endorsing the platform. The former quarterback reportedly wanted nothing more to do with FTX.
The Aftermath for Celebrity Ambassadors
The FTX disaster not only devastated investors but also reshaped the landscape of celebrity endorsements in the crypto space. High-profile ambassadors like Brady and Curry now face multiple class-action lawsuits, and regulators are scrutinizing the legal responsibilities of stars who promote financial products. The case serves as a cautionary tale about how the allure of massive paydays can backfire when the underlying product collapses.
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