cryptocurrency market Friday was shaken by the collapse of FTX, which filed for bankruptcy and CEO Sam Bankman-Fried resigned after his wealth fell from $16 billion at the start of the week to almost nothing. The collapse of FTX, which was hailed as a trusted crypto platform, is going to have major consequences for its investors, many of whom are prominent figures in the sector and the business of sports.
One such major investor is tom brady,
Tampa Bay Buccaneers QB and his now ex-wife Gisele Bundchen are among the celebrity investors in FTX, Since both were announced to take major equity stake in the company in 2021, He has served as a brand ambassador for the company and starred in its commercials, receiving cryptocurrency in return, while Bündchen was named the company’s environmental and social initiatives advisor.
Brady and other major FTX investors may now suffer the most if not all of their stake in the company, especially after cryptocurrency giant Binance’s deal to save FTX. Company’s finances fell after review,
Brady is far from the only athlete and sports figure likely to take a major financial hit from the collapse of FTX.
all three of them are part of a group Among the major athletes with FTX ties Including NBA legend Shaquille O’Neal, Jacksonville Jaguars quarterback Trevor Lawrence and more Boston Red Sox The great David Ortiz.
FTX also has major sponsorships and business deals with teams and leagues. Last December, FTX entered a $10 million international sponsorship with the Warriors, giving the brand a prominent presence in the Chase Center and the franchise’s G League and NBA 2K teams. FTX also owns the naming rights of miami heat was the home field and sponsor of Mercedes’ Formula 1 team.
Heat with Miami-Dade County, on Friday evening, issued a statement Having said that they are ending their relationship with FTX and are now looking for a new naming rights partner for their region.
In Brady’s case, the collapse of FTX and its potential impact on his finances is the latest hit to his personal and professional bottom lines. At the end of last month, Brady and Bündchen,
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