How much did Tom Brady lose with crypto? Full timeline of Buccaneers QB’s risky deal with FTX and eventual implosion
Tom Brady is one of many high-profile athletes and personalities who lost a great deal of money due to the FTX cryptocurrency crash. The company put out a list of its main equity holders, a group that contains Wall Street hedge funds and growth investors, along with several sports and entertainment figures like Brady. The documents show that the Buccaneers quarterback, who was a brand ambassador for FTX, possessed over 1.1 million common shares.
His ex-wife, supermodel Gisele Bundchen, had just under 700,000 common shares. These investments in FTX are projected to become practically worth nothing, which is not unprecedented for equity investors in bankruptcy proceedings.
Before its collapse in November 2022, FTX was valued at exactly $32 billion at its apex. John Ray III, FTX's new CEO, stated that the company could not recoup all investors' losses. Former CEO Sam Bankman-Fried pleaded not guilty to charges made by the U.S. Attorney's Office for the Southern District of New York earlier this month.
These charges include defrauding customers out of millions of dollars worth of online assets and eight counts of fraud, money laundering, and other monetary crimes. In November 2022, Bankman-Fried resigned from his CEO position as FTX filed for Chapter 11 bankruptcy after attempting to settle an eight-billion-dollar liquidity emergency that left investors unable to get their funds. These investors included Tom Brady.
Bankman-Fried took to Twitter soon after FTX filed for bankruptcy, explaining how he failed the investors.
Bankman-Fried said:
“I f—ed up and should have done better. The full story here is one I’m still fleshing out every detail of, but as a very high level, I f—ed up twice.”
Tom Brady and his initial involvement with FTX
In June 2021, the Super Bowl-winning quarterback and his ex-wife Bündchen co-starred in a $20 million ad campaign for FTX. The former couple received an equity stake in the company and cryptocurrency in return. It was reported that one of the reasons Tom Brady and Gisele divorced was over the massive loss due to FTX's crash.
If you use any of the above quotes, please credit the New York Post and H/T Sportskeeda.