Sam Bankman-Fried’s Lucrative Partnership with Tom Brady and Gisele Bündchen
Crypto billionaire Sam Bankman-Fried made headlines when he agreed to pay sports icon Tom Brady a whopping $55 million for just 20 hours of his time annually over three years. Despite Bankman-Fried’s reported disinterest in sports, he partnered with Brady and his then-wife Gisele Bündchen, appointing them as “ambassadors” for FTX.
Brady actively participated in TikTok videos, public events, and commercials to promote Bankman-Fried and the company. In 2021, he also secured an endorsement deal worth $30 million, primarily in FTX stock.
A recent essay by The Washington Post has revealed more details about the deal. According to the report, Bankman-Fried agreed to pay Brady $55 million and Bündchen nearly $20 million for just 20 hours of their time annually over three years. This is significant considering that during one of his final NFL seasons, Brady earned around $30 million for his on-field performance.
In a recent interview on 60 Minutes, biographer Michael Lewis shared that what initially seemed like a business arrangement grew into a genuine friendship between Brady and Bankman-Fried. Lewis described Brady as “adoring” Bankman-Fried and found their dynamic amusing, likening it to “the class nerd and the quarterback.”
FTX Collapse Impacts Brady Personally
The collapse of FTX not only had a financial impact on Brady but also affected him personally. The promised company shares became worthless, leaving Brady with a significant loss. Lewis revealed that Brady felt crushed by the turn of events and was angry at Bankman-Fried for tricking him.
In the interview, Lewis exposed management failures and the disappearance of billions of dollars within Bankman-Fried’s financial empire. He confronted Bankman-Fried about his lack of awareness regarding $8 billion in customer funds, to which Bankman-Fried dismissed it as a mere “rounding error.” Lewis also revealed that Bankman-Fried considered offering up to $5 billion to Donald Trump to prevent him from running for another presidential campaign.
Hot Take: Tom Brady’s Costly Friendship with Sam Bankman-Fried
Tom Brady’s partnership with Sam Bankman-Fried turned out to be more expensive than he anticipated. The initial arrangement led to a genuine friendship between the two, but when FTX collapsed, Brady not only lost significant financial value but also felt deceived by Bankman-Fried. The collapse exposed management failures and the disappearance of billions of dollars within Bankman-Fried’s empire. It serves as a cautionary tale about the risks and consequences of high-stakes partnerships in the crypto world.
Source: The Washington Post
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