How a $26 Billion Co. Came Down to $0, with Tom Brady, Stephen Curry as Investors and Shaquille O’Neal as Paid Spokesperson

Published 02/05/2023, 2:10 PM EST

Follow Us

via Imago

The American sports scene is dominated by a handful of individuals who also have emerged as one of the wealthiest athletes on the planet. Names like Shaquille O’Neal, Stephen Curry, and Tom Brady, among others, have amassed hundreds of millions of dollars in net worth over their illustrious careers. However, for some of them, a portion of their wealth took a massive hit in light of their notorious investment from last year. Fast forward to today, their millions tied to the investment in question have gone to complete bust, leading to other potential legal liabilities as added baggage.

America’s Favorite Video Today

The investment in question is the infamous crypto exchange company FTX led by Sam Bankman-Fried. FTX populated all major headlines late last year after a major irrecoverable incident left names like Curry and Brady holding the bag.

FTX eroded the wealth of big names like Stephen Curry and Tom Brady

ADVERTISEMENT

Article continues below this ad

Post 2020, the hype around crypto resulted in unprecedented activity in the space. Consequently, before the current economic woes, the booming industry attracted the biggest names from all facets of society. Wanting to get a piece of the lucrative pie, icons from the biggest sports also pitched in. Likewise, FTX, a crypto exchange founded by Sam-Bankman Fried(SBF), drew Stephen Curry, Tom Brady, Shaquille O’Neal, and more, who were crowned as ambassadors and spokespersons for the company.

However, it all came crashing down late last year when FTX signed for chapter 11 bankruptcy. The company, which was valued at billions of dollars, went bust overnight. Fast forward to today, and it hasn’t gotten any better.

Trending

Get instantly notified of the hottest NBA stories via Google! Click on Follow Us and Tap the Blue Star.

Follow Us

Learning From Tom Brady, Gisele Bundchen and Stephen Curry, Luka Doncic’s Teammate Refrains From Crypto Comments: “You Can Get Sued for Sh*t Like This”

According to a report by Forbes, FTX and SBF topped the rankings as the ‘biggest losers’ of wealth in the past year. SBF, the eccentric founder who boasted a personal net worth of $24 billion, lost all of it and has next to nothing attached to his name as of now. Another co-founder of FTX, Gary Wang, suffered a similar fate.

How were these superstar athletes involved?

ADVERTISEMENT

Article continues below this ad

Though it was never disclosed how much Curry and other athletes had invested in the company, most of it will never see the light of day. But interestingly, according to sources, the 7x SB champion held 1.1 million shares of the company valued at $45 million at its peak.

Shaquille O’Neal, however, was only involved as a paid spokesperson and did not have any skin in the game.

ADVERTISEMENT

Article continues below this ad

Watch the Story – How much have Stephen Curry Shaquille O’Neal Tom Brady and other stars earned from one common investment

But whether these names had or did not have a stake in the company, all the spokespersons and ambassadors of the brand faced a class-action lawsuit.

SHARE THIS ARTICLE :

ADVERTISEMENT

Written by:

K Shrijith

399Articles

One take at a time

K Shrijith is an NBA writer at EssentiallySports. Currently pursuing his BBA degree, Shrijith has a keen interest in the world of finance. In fact, he has past experience in equity research and writing research reports on the subject of finance.
Show More>

Edited by:

Satagni Sikder

ADVERTISEMENT

ADVERTISEMENT

EDITORS' PICK

America’s Favorite Video Today