Per an investigative report, Tom Brady, the ex-quarterback of the National Football League (NFL), received a payment of $55 million for appearing in advertisements for the now-defunct cryptocurrency exchange, FTX. As per the terms of the agreement, Brady was to allocate 20 hours annually for a period of three years to the promotion of FTX.
High-Profile Celebrities Engaged to Advocate for FTX
Tom Brady was not the only celebrity athlete to land a lucrative deal with FTX. Basketball sensation Stephen Curry also entered a promotional agreement with the crypto exchange, earning $35 million for his endorsement efforts.
Details regarding the substantial compensation that both Brady and Curry received from Sam Bankman-Fried’s cryptocurrency exchange came to light via statements from writer Micheal Lewis. During an interview, Lewis disclosed that he had access to confidential documents that corroborated his account. The agreement also stipulated that Brady would commit a mere 20 hours per annum for a three-year period to FTX promotions.
Financial Losses for Brady and Bündchen
Although Brady was remunerated in FTX stock worth millions of dollars just before the crypto exchange met its abrupt end, it is estimated that he incurred a financial loss amounting to $30 million. Prior coverage by CryptokenTop.com News also revealed that Brady’s then-spouse, Gisele Bündchen, experienced a reduction in her net worth by $18 million as her FTX stock became worthless.
The Relationship Between SBF and Brady Soured
Micheal Lewis also touched upon the initially warm relationship between Sam Bankman-Fried and Tom Brady. Lewis found it intriguing that despite Bankman-Fried’s lack of significant interest in sports, the two got along well. Lewis characterized the relationship as a seemingly unlikely friendship between “the class nerd and the quarterback.”
Nonetheless, this rapport took a hit following the abrupt downfall of FTX in late 2022. An evidently aggrieved Brady believed that Bankman-Fried had misled him into endorsing the crypto exchange. Subsequently, the ex-NFL star expressed his desire to sever all affiliations with FTX.
For further discussion on this development, we welcome your insights in the comments section below.
Frequently Asked Questions (FAQs) about FTX Collapse
What is the main topic of the analysis?
The main topic of the analysis is the financial and professional fallout from the collapse of the cryptocurrency exchange FTX, particularly focusing on the $55 million endorsement deal between FTX and former NFL quarterback Tom Brady.
Who were the celebrities involved in endorsing FTX?
The celebrities involved in endorsing FTX were former NFL quarterback Tom Brady and NBA basketball star Stephen Curry. Brady was reportedly paid $55 million, while Curry received $35 million for their promotional efforts.
What were the terms of Tom Brady’s endorsement deal with FTX?
Tom Brady’s endorsement deal with FTX required him to allocate 20 hours of his time each year for a period of three years to the promotion of the crypto exchange. He was paid $55 million for his involvement.
How did the collapse of FTX impact Tom Brady and Gisele Bündchen financially?
Tom Brady is estimated to have suffered a financial loss of $30 million following the collapse of FTX. His then-spouse, Gisele Bündchen, also reportedly saw her net worth decline by $18 million as her FTX stock became worthless.
Micheal Lewis revealed that Sam Bankman-Fried and Tom Brady initially had a warm relationship, even though Bankman-Fried was not particularly interested in sports. However, that relationship soured after the collapse of FTX, with Brady feeling that he had been misled into endorsing the platform.
What is Tom Brady’s current stance towards FTX after its collapse?
According to reports, Tom Brady is aggrieved and believes he was misled by Sam Bankman-Fried into endorsing FTX. He has expressed a desire to sever all affiliations with the now-defunct cryptocurrency exchange.
More about FTX Collapse
- Investigative Report on FTX’s Collapse
- CryptokenTop.com News Coverage
- Details on Celebrity Endorsements in Cryptocurrency
- Micheal Lewis Interview
- Tom Brady’s Career Highlights
- Stephen Curry’s Endorsement Deals
- Financial Impact of FTX Collapse