$300,000,000 worth Tom Brady, ex-wife Gisele Bundchen lose $48,000,000 in FTX collapse: Report
Tom Brady and Gisele Bundchen lose a whopping $48 million in the aftermath of cryptocurrency exchange FTX’s collapse.
The three-time NFL Most Valuable Player lost $30 million, while the Brazilian supermodel’s $18 million vanished. However, the money they’ve lost is part of an endorsement agreement signed by Brady in 2021.
A report from The New York Times’ Erin Griffith and David Yaffe-Bellany revealed that FTX paid Brady $30 million worth of stock as part of the contract. Meanwhile, Bundchen received $18 million worth of stock.
The partnership led to Tom Brady appearing in television commercials that promoted the Bahamas-based exchange as a “trusted platform” in cryptocurrency.
Brady also appeared in one of the company’s annual conferences in the Bahamas. The seven-time Super Bowl champion also posted TikTok videos with FTX founder Sam Bankman-Fried, from the company’s Bahamas headquarters.
Meanwhile, Gisele Bundchen became FTX’s head of environmental and social initiatives.
But while the cryptocurrency exchange, once worth $32 billion, is bankrupt, Brady and Bundchen are set to lose more money.
Last December, Adam Moskowitz and the law firm Boies Schiller Flexner filed a federal court lawsuit against Brady and Bundchen on behalf of other investors. Adding insult to injury, they must pay taxes on their valueless stock.
They accused the former couple of misleading investors. Other defendants in the case include other former FTX endorsers Larry David, Stephen Curry, and Naomi Osaka.
Shaquille O’Neal, Lindsey Lohan, and Kim Kardashian were also involved in lawsuits stemming from their involvement with FTX and other cryptocurrency exchanges.
FTX and Tom Brady’s marriage both crumbled
Bankman-Fried and Gary Wang found FTX in May 2019. It became the third-largest cryptocurrency exchange in the world after reaching one million users in July 2021.
But since November 2022, the company has been under Chapter 11 bankruptcy proceedings. The downfall started after a CoinDesk article revealed that trading firm Alameda Research held a massive part of its assets in FTT, FTX’s native token.
A month before FTX and Alameda Research’s crumbling, Tom Brady and Gisele Bundchen finalized their divorce after a 13-year marriage. They started dating in December 2006 after Bundchen ended her relationship with Leonardo DiCaprio.
Brady and Bundchen got married in February 2009. They have two children together: Benjamin Rein and Vivian Lake.
The sixth-round pick in the 2000 NFL Draft earned $332.9 million in 23 NFL seasons, per Spotrac. His estimated worth of $300 million may increase if he pursues his 10-year, $375 million deal with Fox Sports as their lead broadcast panel analyst.
What is Tom Brady’s relationship with Sam Bankman-Fried?
Brady and Bankman-Fried have been business partners in FTX and the non-fungible token (NFT) platform Autograph.
Brady co-founded Autograph, which raised $200 million from investors. Bankman-Fried joined the board.
However, FTX’s fate harmed Autograph. They have laid off over 50 employees and shifted their marketing strategy away from crypto and NFTs.
During FTX’s implosion, Tom Brady called its former head of partnerships, Sina Nader, to know more details. Nader shared that Brady showed concern over the phone during the challenging situation.