New England Patriots legend Tom Brady and his ex-wife Gisele Bundchen lost a whopping $48 million investing in doomed crypto exchange FTX.
Brady, 45, invested a whopping $30 million, while his then-wife Gisele, 42, went with $18 million, reports the New York Times. In exchange for their respective investments, the pair received FTX shares that are now worthless following the company’s collapse in November 2022.
Despite the worthlessness of their investment, the ex-couple may still have to pay taxes on the investment. Brady and Gisele divorced in 2022.
It has also been revealed that Brady has been recruited as an ambassador for FTX by the company’s head of partnerships, Sina Nader, a former college football star. According to the Times, the pair maintained a close relationship during Brady’s dealings with FTX.
In November 2022, as the exchange was collapsing, Brady called Nader to ask him, “How are you?” I know you put your heart and soul into this.’
Gisele, pictured here with FTX founder Sam Bankman-Fried, said she felt “blindsided” by the crypto exchange’s collapse
During his time as a brand ambassador for FTX, Tom Brady appeared in advertisements for the company and made social media posts showing him with Bankman-Fried
During their time as ambassadors for FTX, Brady and Gisele appeared in commercials, posted social media posts, and spoke at conferences, along with CEO Sam Bankman-Fried.
The pair have been named in a class action lawsuit brought by FTX clients who are taking the celebrities who approved the swap to court.
Brady and Gisele started working with FTX in the summer of 2021. The Times reports that the quarterback was particularly interested in cryptocurrencies and often spoke directly to Bankman-Fried.
“Imagine a tiger and a lion talking. They’re a little bit different, they do different things, but they’re really formidable in their own arenas,” Nader said of the duo’s interactions in his interview with the Times.
Also in 2021, Bankman-Fried became a board member of Autograph, an NFT store co-founded by Brady. Bankman-Fried later said he might buy an NFL team with Brady.
Since the collapse of FTX, Brady has not spoken publicly about his relationship with Bankman-Fried.
For her part, Gisele said Vanity Fair: ‘I was blinded. I’m no different than anyone else who trusted the hype… It’s just… awful. I am so sorry for all of us that this happened, and I pray that justice is served.”
The former Victoria’s Secret model also blamed her financial advisors for making FTX sound like a “great thing.”
The pair, along with a slew of other celebrities, are accused of not doing “due diligence” before approving FTX.
FTX itself had numerous ties to sports before finally collapsing: the company paid an undisclosed sum to put patches on MLB referees’ uniforms, $135 million for the naming rights to the arena where the Miami Heat play, and another $10 million to Steph Curry’s basketball team, the Golden State Warriors, for ad placement in the arena and throughout the Warriors organization.
Sina Nader, FTX’s head of partnerships, was tasked with recruiting Brady as a brand ambassador
The Times report notes that singer Katy Perry managed not to get involved with FTX despite negotiations with the brand
The Times report notes that singer Katy Perry managed not to get involved with FTX, despite negotiations with the brand.
While her one-time rival, Taylor Swift, also avoided a deal, but only because Sam Bankman-Fried backed out of a $100 million tour sponsorship deal at the last minute after six months of talks.
It was previously reported that it was Swift who backed out of a deal due to unanswered questions she had about cryptocurrencies. Many credited her father, Scott, a respected investment banker, for guiding her through the negotiations.
The attorney who led the class action against the celebrities associated with FTX, Adam Moskowitz, told The Scoop podcast with David Chaparro in April that it was Swift who broke off talks.
“The only person I found who did that was Taylor Swift. Upon our discovery, Taylor Swift actually asked them, “Can you tell me these aren’t unregistered securities?” Moskowitz said.
Among those participating in the story was Twitter owner Elon Musk. “Taylor is smart and her father is a respected investment banker,” the South African tweeted.
“I have an excellent father, his strength makes me stronger,” Swift sang on her track The Best Day.
Swift’s father worked for Merrill Lynch for more than 30 years in a variety of roles, including as a stockbroker and investment banker.