Portal Jul 7, 2023 2:10pm ET1 minute read
Tom Brady lost millions in the collapse of cryptocurrency firm FTX, for which he served as an “ambassador,” the New York Times reported on Friday.
Under an agreement the retired NFL quarterback struck with FTX in 2021, he was paid $30 million in now-worthless stock for his work pitching the company on TV commercials and at its conference. His then-wife Gisele Bundchen was like-minded at the time and received $18 million worth of stock, according to the report.
FTX filed for bankruptcy last November. Its former CEO, Sam Bankman-Fried, faces federal fraud charges.
Brady, who has won seven Super Bowl titles in his career, faces legal risks in addition to financial losses. Both Brady and Bundchen, who divorced in October, are being sued by FTX investors who are demanding payback from celebrity backers. Basketball Hall of Famer Shaquille O’Neal was also sued in the FTX case, along with Seinfeld’s Larry David, tennis player Naomi Osaka and Stephen Curry of the Golden State Warriors.
“None of these defendants performed due diligence prior to marketing these FTX products to the public,” the lawsuit, seen by the Times, said. It was filed in federal court in Florida.
Before FTX collapsed, it was valued at $32 billion, including the $48 million in shares held by Brady and Bundchen, according to the Times. Now it has no value.
Brady, 45, was ranked #50 on the Forbes 2023 list of the world’s highest-paid athletes with earnings of $45.2 million in football salaries and endorsements.