Monday, May 20, 2024

Contrary to earlier reports, Taylor Swift, the renowned pop icon and recipient of 12 Grammy Awards, has indeed signed a deal with the bankrupt cryptocurrency exchange FTX, according to new information. However, it is reported that FTX executives managed to persuade former CEO Sam Bankman-Fried (SBF) to reconsider and abandon the $100 million agreement with Swift.

Reports Confirm Taylor Swift’s Agreement with FTX

Taylor Swift, the highly acclaimed singer-songwriter who has garnered 12 Grammy Awards from 46 nominations, reportedly finalized a deal with the now-defunct cryptocurrency exchange FTX, refuting earlier claims. The Financial Times disclosed that the value of the deal amounted to approximately $100 million.

In April, Adam Moskowitz, one of the attorneys leading a $5 million class-action lawsuit against 16 celebrity endorsers of FTX, mentioned during the Block’s Scoop podcast that Swift sought legal advice upon being approached by former FTX CEO Sam Bankman-Fried (SBF). Moskowitz’s comment sparked headlines suggesting that Swift subsequently withdrew from the deal, raising concerns about unregistered securities.

However, on Thursday, the New York Times confirmed that Moskowitz did not possess insider information about the negotiations between FTX and Swift. Citing three individuals familiar with the agreement, the news outlet revealed that Swift had indeed signed a sponsorship agreement for her tour with FTX after more than six months of discussions, declining certain promotional opportunities. Moreover, these sources stated that Bankman-Fried ultimately pulled the plug at the last moment, leaving Swift’s team feeling frustrated and disappointed.

An anonymous source, independently cited by CNBC on Thursday, stated:

“Swift did, in the end, agree to the deal… The signed agreement was sent to FTX founder Sam Bankman-Fried’s email inbox, where it remained unanswered for a few weeks.”

The publication further added that “eventually, a group of FTX executives managed to persuade Bankman-Fried not to proceed with the reported $100 million deal.”

FTX filed for bankruptcy protection in November of last year, while Bankman-Fried currently faces multiple charges related to fraud and campaign finance violations. Three other FTX executives, namely Gary Wang, Caroline Ellison, and Nishad Singh, have pleaded guilty to various charges. Meanwhile, the new FTX management is working towards relaunching the cryptocurrency exchange on an international scale.

Feel free to share your thoughts on who you believe abandoned the deal, whether Swift or Bankman-Fried, in the comments section below.

Frequently Asked Questions (FAQs) about Taylor Swift

Who did Taylor Swift sign the deal with?

Taylor Swift signed the deal with the bankrupt cryptocurrency exchange FTX.

How much was the deal worth?

The deal was reported to be worth approximately $100 million.

Did Taylor Swift withdraw from the deal?

No, contrary to earlier reports, Taylor Swift did not withdraw from the deal. It was FTX CEO Sam Bankman-Fried who ultimately pulled the plug on the agreement.

What legal concerns did Taylor Swift have?

Taylor Swift sought legal advice regarding the assets being offered by FTX to ensure they were not unregistered securities.

Were there any lawsuits related to the deal?

Yes, there was a $5 million class-action lawsuit filed against 16 celebrity endorsers of FTX, including Taylor Swift. However, the details of the lawsuit’s outcome are not mentioned in the given text.

What is the current status of FTX?

FTX filed for bankruptcy protection in November of the previous year. The new FTX management is now working on relaunching the cryptocurrency exchange internationally.

What charges is Sam Bankman-Fried facing?

Sam Bankman-Fried, the former CEO of FTX, is facing multiple charges related to fraud and campaign finance violations. However, the specific details of these charges are not provided in the given text.

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