Tom Brady loses BRL 145 million with cryptocurrency collapse – 07/07/2023 – Sport

Tom Brady lost millions in the collapse of cryptocurrency company FTX, for which he served as an ambassador, The New York Times reported this Friday (7).

Under a 2021 deal made by the former NFL quarterback with FTX, he received $30 million (R$145 million) in stock – which is currently worthless – for his work promoting the company in television ads and in your conference. At the time, his then-wife, Gisele Bundchen, was also involved and was awarded $18 million (£87.41 million) in equity, according to the report.

FTX filed for bankruptcy last November. Its former CEO, Sam Bankman-Fried, is facing federal fraud-related charges.

And Brady, who has won seven Super Bowl titles in his career, also faces legal danger in addition to financial losses.

Both Brady and Bundchen, who officially divorced last October, are being sued by FTX investors who want refunds from celebrity endorsers.

Basketball Hall of Famer Shaquille O’Neal was also sued in the FTX case, as were 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 in marketing these FTX products to the public,” according to the lawsuit, obtained by the Times. The lawsuit was filed in federal court in Florida.

Before FTX’s collapse, it was valued at $32 billion, including $48 million in equity held by Brady and Bundchen, according to the Times. Now, it has no value.

Brady, 45, was ranked number 50 on Forbes’ 2023 list of the World’s Highest Paid Athletes, with earnings of $45.2 million (R$219.50 million) in football salary and sponsorships.