What Really Happened to FTX and How It Impacts Tom Brady and Other Athletes?

Published 11/13/2022, 10:35 AM EST

Tom Brady lost millions in the FTX crisis. The exact figure is yet to be known. Because the details are not yet in the public domain. However, in 2021, Tom Brady and Gisele Bündchen co-starred in a $20 million ad campaign for the FTX. The ex-couple received an equity stake in the company. In addition, the former NFL couple received cryptocurrency. So, a loss of at least $20 million is definite.

The FTX made its foray into other sports in the past. The aim was to expand their business. As a result, NBA icon Steph Curry became the global ambassador of the company. Tennis superstar Naomi Osaka was given an equity stake.

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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

Meanwhile, baseball pitcher Shohei Otani and Packers star Aaron Jones won equity stakes. But the biggest loser in terms of finance among all the athletes is none other than Tom Brady. Because he was the voice of the organization via the ad campaign.

What’s the loss Tom Brady may incur?

Bankman-Fried stepped down from his CEO position on Friday. This was after FTX filed for Chapter 11 bankruptcy, following the struggle to shore up an $8 billion liquidity crisis. However, the disaster was real. It had left thousands of investors in a fix, as they were unable to claim their funds.

Meanwhile, the crisis also affected athletes. They lost the value of their equity stakes. At present, they matter pretty much worthless. Millions are gone, and many are in peril. As a result, Fried’s empire faces a federal probe. The investigation team is enquiring whether they mishandled the clients’ money.

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The fall of Bankman Fried

At 30 years old, Bankman-Fried thought he could be the next billionaire. He set up his own empire by rising in business. Fried became one of the biggest donors to the Democratic Party in the 2024 Presidential election. His aim was to step up his base.

However, the struggle was sudden, and the result was disastrous. A grief-struck Bankman-Fried later tweeted “I should have done better.” The top campaigner lost $13 billion in the debacle. He regretted it, but the damage was already done.

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Meanwhile, a spirited Tom Brady will aim at putting his financial setback aside as the Bucs meet the Seahawks next in Munich. The Sunday clash could be exciting. Because a 4-5 record in the NFL is as equal to losing huge financial rewards for the champion Brady.

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Written by:

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:

Deepika Bhaduri

What Really Happened to FTX and How It Impacts Tom Brady and Other Athletes?

What’s the loss Tom Brady may incur?

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The fall of Bankman Fried