Tom Brady lost millions in the collapse of cryptocurrency company FTX, for which he served as an “ambassador,’ The New York Times reported Friday.
Under an agreement the retired NFL quarterback made with FTX in 2021, he received $30 million in now-worthless stock for his work pitching the company in television ads and at its conference. In step with him at the time was his then-wife, Gisele Bundchen, who received $18 million in stock, per the report.
FTX filed for bankruptcy last November. Its former CEO, Sam Bankman-Fried, is facing federal fraud-related charges.
And Brady, who won seven Super Bowl titles in his career, also faces legal peril on top of the financial losses. Both Brady and Bundchen, who officially divorced last October, are being sued by FTX investors who want repayment from celebrity endorsers. Basketball Hall of Fame member Shaquille O’Neal also has been sued in the FTX case, as have Larry David of “Seinfeld” fame, tennis player Naomi Osaka and Stephen Curry of the Golden State Warriors.
“None of these defendants performed any due diligence prior to marketing these FTX products to the public,” according to the lawsuit, obtained by the Times. It was filed in federal court in Florida.
Before the collapse of FTX, it was valued at $32 billion, including $48 million in shares held by Brady and Bundchen, per the Times. Now, it has no value.
Brady, 45, ranked No. 50 on Forbes’ 2023 list of the World’s Highest-Paid Athletes with earnings of $45.2 million in football salary and endorsements.
–Field Level Media