Steph Curry is a world-class athlete and one of the best players in the NBA. Due to his insane skills, the Golden State Warriors point guard has endorsed many companies, including FTX.
For the uninitiated, FTX is a cryptocurrency exchange. In simple words, it's a marketplace where cryptocurrency holders are able to trade their assets. In the past year, the exchange has gained a lot of popularity. Unfortunately, it's all over now.
Curry, who has been an FTX investor and a marketing figure, will be drastically affected by the recent collapse. The cryptocurrency market is very volatile and unpredictable, and not even the world's greatest athletes are immune to that.
Steph Curry will lose millions from the FTX collapse
FTX managed to sign several top-class athletes to deals. Besides Steph Curry, the company has Tom Brady and Naomi Osaka under contract, among many other athletes.
Last year, the company was valued at $18 billion. It stepped into the NBA by getting naming rights to the arena the Miami Heat play in (now called FTX Arena) and by signing Curry to a deal.
As part of his deal with the cryptocurrency exchange, the four-time NBA champion received not only money, but also an equity stake in the company. Unfortunately, his equity stake is not worth a lot at the moment.
Sam Bankman-Fried, the CEO of FTX, lost nearly $15 billion of his net worth in just a matter of days. This is almost 95% of his total net worth, which sounds unbelievable.
While Steph Curry's loss won't be as big, it will significantly affect him. The company was worth billions of dollars just a few days ago, but it filed for bankruptcy Friday morning.
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It is unknown how much equity stake the Warriors guard has. However, he will lose at least a few million dollars from the collapse of the exchange. Fortunately, this was not his main source of income, so he will bounce back.
Curry still has his Under Armour deal
While it's unfortunate that Curry's partnership with FTX has fallen apart, the basketball superstar has many other sources of income. He is an icon of Under Armour and could soon get a lifetime deal from the company.
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The 34-year-old guard will sign a new contract with the footwear company in 2024. According to rumors, Curry could get a lifetime deal worth $1 billion from Under Armour.
If this happens, he will become the second NBA player to get such an amazing deal. It first happened in 2015 when LeBron James signed a lifetime contract with Nike.