What happened to Tom Brady’s Autograph? NFL icon’s company struggling amid crypto backlash
It wasn't that long ago that Tom Brady, Matt Damon, and other A-list celebrities were filling the airwaves with calls to abandon orthodox investing for cryptocurrency.
Well, in 2023, those conversations and advertisements have taken on a new form. To be precise, in the wake of the catastrophic crash, No. 12's Autograph company is in trouble.
According to the New York Times, via Insider, the company's revenue dropped like a stone last year as a result of the crash. In response, the company has since tried to shift their strategy away from virtual currency to selling customers on getting closer to the celebrity.
The Times also claims that the company has downplayed previous buzzwords such as NFT from their marketing vocabulary.
In more quantifiable terms, the company also cut loose 50 employees in several rounds of layoffs.
How much was Tom Brady's cryptocurrency worth?
50 employees are at risk of losing everything as an aftershock of the 2022 crypto crash. How much did No. 12 lose? The retired quarterback was given $30 million in return for his endorsement of the currency, per the New York Times.
With most of that amount coming in the form of FTX stock, he essentially did the endorsement for pennies on the dollar of what was originally promised.
Of course, the effort involved for the quarterback to endorse the product means that he likely only lost a little bit of time compared to most other ways of earning $30 million and losing it. His wife at the time, Gisele Bundchen, also earned $18 million in mostly FTX stock.
Tom Brady's financial outlook
All things considered, the former quarterback is still living on a rock-solid foundation. While he did lose quite a bit of money in the FTX collapse, the majority of his net worth is still safe and sound. According to Celebrity Net Worth, Brady is still worth about $300 million.
Brady has still made more money from the league than any other athlete in NFL history, so unless he gets a forest fire in his pocket, he should be just fine. Even if he runs through his net worth in short order by horribly underestimating his expenses, he'll have a job with FOX in 2024 and for the next 10 years after that.
Put simply, it has been a rainy hour for an otherwise picture-perfect day for the quarterback.