Gisele Bundchen’s charity left in limbo by FTX’s $32 billion collapse: Report
As you may know, Tom Brady and Gisele Bundchen were also associated with the firm FTX. Sam Bankman-Fried, the creator of FTX, is currently at his parents' house in Palo Alto awaiting trial for fraud in October.
Bankman-Fried pled not guilty in early January. The now-bankrupt crypto exchange owes money to Apple, Google, Verizon, Netflix, and a bevy of Fortune 500 corporations, including BlackRock.
Gisele Bundchen's Charitable Giving is mentioned in the new legal filing.
Bundchen, who is now Tom Brady's ex-wife, previously owned more than 1.1 million shares in the now-defunct exchange. She even appeared in the company's Super Bowl advertisement.
Both Brady and Bundchen were heavily criticized for their involvement with the firm. According to previous court filings, FTX owes $3.1 billion to its 50 largest unsecured creditors, with two customers due more than $200 million each.
The high-profile creditor list is just the latest development in a legal quagmire that has engulfed the cryptocurrency exchange. CEO Sam Bankman-Fried saw his company, once valued at $32 billion, crash dramatically in November.
Tom Brady and Gisele Bundchen will feel the effects of FTX Group's demise
FTX's advertisement for Super Bowl 2022 featured Tampa Bay Buccaneers quarterback Tom Brady and his ex-wife Gisele Bundchen. Although the advertisement was pretty catchy and innovative, both Brady and Bundchen have faced a lot of heat since then.
Aside from Brady, billionaire New England Patriots owner Robert Kraft is among those feeling the effects of FTX Group's abrupt demise. Brady owns more than 1.1 million common shares in FTX Trading, according to bankruptcy court documents.
The value of the investments could not be determined immediately, although it is thought that they are basically worthless. Stockholders of bankrupt corporations rarely receive any of their money since US law requires creditors to be repaid in order of priority. Stockholders are last in line, below those having direct claims on a company's assets, such as customers and suppliers.
FTX Trading raised $400 million this time last year. The company was valued at $32 billion and founder Sam Bankman-Fried was one of the world's richest individuals. Everything has gone wrong for him since then, and he is scheduled to stand trial in October.