FTX’s Strategic Partnerships with Tom Brady and Gisele Bündchen
FTX, a cryptocurrency exchange, has formed strategic partnerships with sports icon Tom Brady and supermodel Gisele Bündchen. As ambassadors for FTX, Brady and Bündchen have actively endorsed the platform across various platforms and events. The New York Times confirmed that Brady’s endorsement deal was valued at nearly $30 million, primarily consisting of shares from the now-collapsed FTX cryptocurrency platform. According to journalist Michael Lewis, the initial agreement promised Brady $55 million and Bündchen close to $20 million. However, as FTX faced difficulties, Brady’s emotional and financial ties with the company were strained.
Tom Brady’s Distancing from FTX
In a recent 60 Minutes interview with Michael Lewis, it was revealed that the professional ties between Tom Brady and FTX founder Sam Bankman-Fried had evolved into a personal connection. However, as FTX encountered challenges, Brady’s relationship with the company became strained. The once-promising shares in the company became valueless, leading to Brady feeling betrayed and stating that he wanted nothing more to do with it.
Legal Troubles for FTX-Linked Entities
Coingape reports that entities connected to FTX are facing legal troubles. The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Prager Metis, alleging that the company included indemnification clauses in client agreements from December 2017 to October 2020. These clauses required SEC-registered entities to shield Prager Metis from liabilities arising from intentional misinformation by top-tier management.
Hot Take: Strained Ties and Legal Issues Surrounding FTX
The partnership between Tom Brady and FTX, once valued at millions of dollars, has soured as the cryptocurrency exchange faces difficulties. Brady’s emotional and financial ties with FTX have been strained, leading to a public statement expressing his desire to distance himself from the company. Additionally, FTX-linked entities are encountering legal troubles, with the SEC filing a lawsuit against Prager Metis. These developments raise questions about the stability and trustworthiness of FTX and its affiliated entities.
By
By
By
By
By
By