Former NFL legend Tom Brady lost $30 million in FTX bankruptcy
Tom Brady
Former NFL quarterback Tom Brady lost millions of dollars after the cryptocurrency firm FTX filed for bankruptcy in November last year. The news regarding the seven-time Super Bowl winner quarterback, who served as the 'face' of FTX, was reported by the New York Times on Friday.
As the per report, Brady had received $30 million in shares for his part wherein the now-retired QB pitched for the company in television ads and conferences. Brady's erstwhile wife and model Gisele Bundchen had also received $18mn worth of stock. The shares of both Brady and Bundchen have been rendered worthless now.
FTX's former CEO Sam Bankman-Fried is facing federal charges related to fraud after the company went bust in November 2022. FTX was valued at $32 billion before the collapse and the value included Brady and Bundchen's $48mn worth of shares as well.
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Brady also faces legal proceedings against him apart from the loss. The former husband-wife pair, who got divorced in October last year, are being sued by FTX investors. The investors want repayment from the celebrity 'ambassadors.'
Apart from them, NBA Hall of Fame player Shaquille O'Neal and Golden State Warriors' Stephen Curry have also been sued by the investors. Tennis player Naomi Osaka and popular comedy show 'Seinfeld' fame Larry David have been named too.
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A lawsuit filed in a Florida federal court and obtained by NYT said, "None of these defendants performed any due diligence prior to marketing these FTX products to the public."
Brady, aged 45, was ranked on 2023 Forbes list of world's highest-paid athletes. His estimated earnings as per Forbes in 2023 were $45.2 million from salary and endorsements.
Brady played 23 years in NFL for the New England Patriots (2000-2019) and the Tampa Bay Buccaneers (2020-2022). He featured in 335 NFL games in his career, throwing down 649 touchdowns and has 28 additional touchdowns to his name while rushing.
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