As if Tom Brady Investing Millions of His Hard Earned Money Wasn’t Enough, FTX CEO Splurged Over $5 Million To ‘Amplify His Message’ to All Sports

Tom Brady and Gisele Bündchen once shared the screen in an ad campaign for FTX. It fetched them an equity stake in the company. They also received cryptocurrency in return for the $20 million ad campaign. The cost of the campaign totaled worth $20 million. But, FTX is in the news for all the wrong reasons. The ship is sinking. But they once had great goals in a sporting arena. They aimed to use the NFL as a tool to popularize it.  

As a result, Sam Bankman-Fried’s FTX cryptocurrency exchange purchased an ad for the Super Bowl in February 2022. The aim was to further widen the foray into professional sports. Meanwhile, they also roped in NBA legend, Steph Curry and tennis star Naomi Osaka. The former was awarded the global ambassador tag, and the latter was also given an equity stake. The aim was huge, but it suffered a setback now. 

Tom Brady is all set to lose big

Former FTX CEO Fried lost $16 billion in a matter of a few days. This was after the company filed bankruptcy protection on Friday. As the crypto exchanges witnessed an upward trend in recent years, many celebrities and athletes had earlier joined in it. 

Even NFL GOAT Tom Brady served as an ambassador for the company. Whereas, his former partner was FTX’s Environmental & Social Initiatives Advisor. The exact equity Brady and Bündchen received in 2021 is unclear. However, FTX raised capital at a $32 billion valuation a few months after the announcement of the deal. 

What is Sam Bankman-Fried’s story?

In 2019, Fried launched the FTX crypto exchange. It projected itself as a safer way for customers to purchase the emerging currency. Customers who bought a ‘token’ from FTX got the nod to sell crypto on the FTX.

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Soon, the company roped in celebrity athletes. Over the next few years, the company grew in size and number. Fried also donated $5 million to Joe Biden’s campaign for the US Presidential elections. The growth was exceptional at a point. However, it is all a matter of the past now. The company is undergoing a crisis. The idea to project NFL to establish a wider presence has also missed its mark.

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