Tom Brady reportedly received $55,000,000 from Sam Bankman-Fried for FTX endorsement before multi-billion dollar scam
Tom Brady lost millions of dollars when the cryptocurrency brand FTX went bankrupt. Brady along with ex-wife Gisele Bundchen were two of the brand's celebrity endorsements. The former NFL star reportedly has a net worth of $300 million.
Sam Bankman-Fried, the founder of FTX, who was once worth over $20 billion is now sitting in jail facing federal charges and over 100 years of prison time.
Author Michael Lewis, who wrote a book about Bankman-Fried's downfall, sat down with CBS hit show "60 Minutes." Lewis followed Bankman-Fried throughout the last few years and saw FTX fail. He said in the interview that the FTX founder paid Tom Brady $55 million to do minimal work for the cryptocurrency brand.
“He turned to the sports world to bring his exchange both legitimacy and edge. Lewis saw the FTX internal marketing documents… He paid Tom Brady $55 million for 20 hours a year for three years. He paid Steph Curry $35 million for-- same thing for three years. He spent 100 and something million dollars, buying the naming rights for the Miami Heat arena. For which he then paid Larry David another $10 million, you know.
"It's breathtaking, what's on that list. I think Tom Brady thought he was just a really interesting person. I think he liked to hear what he had to say.”
Lewis went on to say the former Tampa Bay Buccaneers quarterback decided to work with Sam Bankman-Fried and FTX because he believed in the vision he had for the brand. He also said the former quarterback was angry at the collapse of FTX. Brady, along with NBA superstar Steph Curry and comedian Larry David all appeared in commercials for the cryptocurrency brand.
How much did Tom Brady lose in FTX collapse?
Tom Brady and Gisele Bundchen were paid for their appearances in FTX commercials. The former NFL quarterback also obtained stock in the cryptocurrency brand as part of the endorsement deal.
The seven-time Super Bowl winning quarterback reportedly lost $30 million in stock that he was paid by FTX. Bundchen reportedly lost $18 million in stock. The stock was in exchange for Brady and Bundchen to appear in commercials as well as speak at FTX conferences.
After FTX collapsed in the fall of 2022, Brady, Bundchen, Curry and David along with other celebrities were named in a lawsuit. They were accused by FTX investors of convincing them to invest in an alleged "ponzi scheme."