Tom Brady’s dive into the cryptocurrency world took a major hit as he reportedly lost millions in the collapse of FTX, a cryptocurrency company he served as an “ambassador” for.
According to The New York Times, the retired quarterback, known for his legendary career and seven Super Bowl titles, had struck a deal with FTX in 2021, which included receiving $30 million in now-worthless stock for promoting the company through television ads and appearances at conferences.
His then-wife, supermodel Gisele Bundchen, also received $18 million in stock as part of the agreement.
The downfall of FTX, which filed for bankruptcy in November of last year, has not only resulted in substantial financial losses for Brady but has also brought legal troubles.
The company’s former CEO, Sam Bankman-Fried, is currently facing federal fraud-related charges. In addition, Brady and Bundchen, who divorced in October, are being sued by FTX investors seeking repayment from celebrity endorsers.
Other notable figures, including basketball Hall of Famer Shaquille O’Neal, “Seinfeld” co-creator Larry David, tennis star Naomi Osaka, and NBA player Stephen Curry, have also been sued in relation to the FTX case.
According to the lawsuit obtained by The New York Times, the investors allege that none of the defendants conducted proper due diligence before endorsing FTX products to the public. The lawsuit was filed in federal court in Florida.
Prior to its collapse, FTX was valued at $32 billion, which included the $48 million in shares held by Brady and Bundchen. However, with the company’s bankruptcy, those shares now hold no value.
Despite the setback, Brady remains a prominent figure in the world of sports and finance.
In Forbes’ 2023 list of the world’s highest-paid athletes, he ranked #50, with reported earnings of $45.2 million from football salary and endorsements.