FTX investors are going to be hurt by the collapse of the exchange. One of those investors is a well-known player who may be stuck on the field even longer than he wants to be.
Tom Brady and his wife, Brazilian model Gisele Bndchen, planted a large stake into the FTX crypto exchange back in 2021, after having already announced a partnership with FTX and its CEO Sam Bankman-Fried, according to reports. As brand ambassadors, the two gained an unknown equity stake in the company.
FTX announced on Tuesday that it would be bought out by its rival, now looking to become the largest degrading egg carton on the trash heap. Users have been unable to withdraw their funds from the exchange due to the lack of liquidity. FTX has promised to reimburse users, but they haven't given a timetable.
According to Celebrity Net Worth, Bndchen has a $400 million net worth, while the quarterback has a $250 million net worth. In the long-term partnership with FTX, both celebrities and the company would be donating millions of dollars to charity. Both stars may be in trouble because of the collapse of FTX.
Brady said in a press release that the FTX team continues to open his eyes to the endless possibilities. Bndchen believes that currency will become more and more familiar as time goes on.
It is not clear how much both celebrities put into the exchange, as reports show FTX's valuation increased over 1,000% in 2021, from $89 million to over $1 billion. FTX was looking at a $1 billion funding round and a $32 billion valuation recently.
The teams for Brady and Bndchen were not contacted immediately. The divorce of Brady and Bndchen was finalized in October, and though Brady originally intended to retire from the NFL this year, he has stayed on as the quarterback for the Buccaneers. The jokes are flying that Brady's retirement could be in jeopardy.
Brady helped found a NFT startup called Autograph that made non-fungible token for the football team. He was one of the celebrities that jumped on the bandwagon when the value of the coin was only going to go up. During that year's Superbowl, actor Matt Damon ran an ad for the company.
Brady throwing a lot more than a Microsoft Surface out on the field with news of FTX going up in smoke but it is likely nothing compared to how Sam Bankman- Fried reacted to the news.
Now that it is clear that FTX was built on an outgoing tide, Bankman-Fried's piggy bank could soon slip away. The 30-year-old billionaire had a huge stake in his company and research firm. The company expects the young man's fortune to be all but wiped out, leaving him with just $1 billion.
Analysts have analyzed Chengpeng Zhao's motives and methods in order to understand why he bought his competitor. According to Fortune, the founder split from Bankman- Fried and took a large stake in the token. After dumping all those token over the weekend, Zhao basically took the bottom out of the SBF's ship and neither FTX nor Alameda had any real legs to stand on.
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