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Last year, Tom Brady and Gisele Bundchen invested in FTX, a crypto-currency start-up that is currently in freefall after a 70% slump was disclosed. This might have cost the duo millions of dollars.
Tom Brady, the quarterback for the Tampa Bay Buccaneers, and ex-wife Gisele Bundchen own stock in the cryptocurrency company FTX, which has declared bankruptcy. Brady stands to lose a significant amount of money as a result.
In 2021, the two also appeared in a commercial for FTX.
The specifics of the investment acquisition were not disclosed. Nonetheless, in the months following the unveiling, FTX began working on raising additional funds worth $32 billion. This is just another episode of Brady's dismal season.
Pre-crypto estimates put Brady's net worth at about $250 million and Gisele Bündchen's at $400 million. FTT is currently down by more than 72% on the day, trading around $2.06.
As per Bloomberg, the corporation's CEO, Sam Bankman-Fried, suddenly lost a reported $14.6 billion, or 94 percent of his net worth. After launching in 2019 and rising to $32 billion worth in just three years, the crypto derivatives exchange FTX is now declaring Chapter 11 bankruptcy.
Brady and Bundchen are unlikely to suffer losses on the same scale as Bankman-Fried. Still, the firm's current revelations will undoubtedly have an impact.
The company spent a lot of money on sports commercial deals to boost client exposure because it was flush with trading fee revenue from the popular crypto surge during the pandemic.
It's uncertain whether shareholders, clients, and promoters will receive anything after the vanished billions.
Details of Tom Brady and Gisele Bündchen's partnership with FTX
As part of a long-term collaboration, Tom Brady and his ex-wife purchased shares in FTX in June last year. As per the terms of the agreement, Brady served as the firm's envoy. In contrast, Bündchen served as its advisor for environmental and social initiatives.
Brady and Bündchen's market ownership stake has almost certainly lost all of its value.
Not just the honored quarterback and his ex-spouse will probably lose money because of FTX. Shohei Ohtani, a professional baseball pitcher, and NBA star Steph Curry are connected through business. In addition, Major League Baseball counts FTX as a major sponsor.
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