The Financial Turmoil Faced by Tom Brady and Other Celebrities in Crypto Collapses
In a shocking turn of events, former NFL quarterback Tom Brady finds himself in financial turmoil after losing a staggering $30 million in the collapse of cryptocurrency giant FTX. Brady had a partnership with FTX in 2021 when he acted as their ambassador, but now the shares he owned have become worthless. His ex-wife, Gisele Bundchen, also lost $18 million in worthless stock investments. Here are the key points:
- Brady and Bundchen face significant financial losses and legal trouble due to the bankruptcy of FTX.
- FTX investors are suing the celebrity endorsers, including Shaquille O’Neal, for not conducting enough research before promoting FTX products.
- The collapse of FTX left Brady and Bundchen, along with other investors, discouraged as their shares became worthless.
- Brady has lost $45.2 million in earnings from football salary and endorsements, dropping him to 50th position on Forbes’ highest-paid sports list.
- Other celebrities, such as Logan Paul, KSI, Neymar Jr., and Steve Aoki, have also suffered losses from cryptocurrency and NFT investments.
The impact of the FTX lawsuit against celebrity endorsers is anticipated to exceed $5 billion in damages, according to the Moskowitz Law Firm.
Hot Take: The downfall of FTX and the subsequent financial losses experienced by Brady and other celebrities serve as a stark reminder of the risks involved in the volatile world of cryptocurrency and NFTs. It highlights the importance of thorough research and caution before diving into such investments.
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