As if Tom Brady Investing Millions of His Hard Earned Money Wasn’t Enough, FTX CEO Splurged Over $5 Million To ‘Amplify His Message’ to All Sports

Published 11/12/2022, 10:30 AM EST

Tom Brady and Gisele Bündchen once shared the screen in an ad campaign for FTX. It fetched them an equity stake in the company. They also received cryptocurrency in return for the $20 million ad campaign. The cost of the campaign totaled worth $20 million. But, FTX is in the news for all the wrong reasons. The ship is sinking. But they once had great goals in a sporting arena. They aimed to use the NFL as a tool to popularize it.  

As a result, Sam Bankman-Fried’s FTX cryptocurrency exchange purchased an ad for the Super Bowl in February 2022. The aim was to further widen the foray into professional sports. Meanwhile, they also roped in NBA legend, Steph Curry and tennis star Naomi Osaka. The former was awarded the global ambassador tag, and the latter was also given an equity stake. The aim was huge, but it suffered a setback now. 

ADVERTISEMENT

Article continues below this ad

Tom Brady is all set to lose big

Former FTX CEO Fried lost $16 billion in a matter of a few days. This was after the company filed bankruptcy protection on Friday. As the crypto exchanges witnessed an upward trend in recent years, many celebrities and athletes had earlier joined in it. 

Oct 16, 2022; Pittsburgh, Pennsylvania, USA; Tampa Bay Buccaneers quarterback Tom Brady (12) warms up before the game against the Pittsburgh Steelers at Acrisure Stadium. Mandatory Credit: Charles LeClaire-USA TODAY Sports.

Even NFL GOAT Tom Brady served as an ambassador for the company. Whereas, his former partner was FTX’s Environmental & Social Initiatives Advisor. The exact equity Brady and Bündchen received in 2021 is unclear. However, FTX raised capital at a $32 billion valuation a few months after the announcement of the deal. 

ADVERTISEMENT

Article continues below this ad

What is Sam Bankman-Fried’s story?

In 2019, Fried launched the FTX crypto exchange. It projected itself as a safer way for customers to purchase the emerging currency. Customers who bought a ‘token’ from FTX got the nod to sell crypto on the FTX.

DIVE DEEPER

‘The Pic Should Make Us All Feel Bad for Gisele’: Resurfaced Photo Shows Supermodel Sitting With FTX Founder Before Things Went Down for Tom Brady and Ex Wife

3 months ago

ADVERTISEMENT

Article continues below this ad

Soon, the company roped in celebrity athletes. Over the next few years, the company grew in size and number. Fried also donated $5 million to Joe Biden’s campaign for the US Presidential elections. The growth was exceptional at a point. However, it is all a matter of the past now. The company is undergoing a crisis. The idea to project NFL to establish a wider presence has also missed its mark.

Watch This Story: Gisele Bundchen Pulls A Kanye West After Divorce With Tom Brady

SHARE THIS ARTICLE :

ADVERTISEMENT

Nidheesh Kumar

408 articles

Nidheesh Kumar is an NFL writer for EssentiallySports. He has completed his Masters in Communication from the University of Hyderabad and was previously a sports journalist with Telangana Today. An avid enthusiast, Nidheesh is a loyal fan of writing and conversations revolving anything remotely around sports.

Edited By: Gurjyot Singh Dadial

ADVERTISEMENT

ADVERTISEMENT

EDITORS' PICK