Taylor Swift, the renowned musician and performer, took to the stage on March 17, 2023. Meanwhile, Sam Bankman-Fried, former Chief Executive of FTX, exited the Manhattan federal court in New York City on February 16, 2023.
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After months of negotiations, Taylor Swift agreed to a sponsorship deal with the bankrupt crypto exchange FTX. However, the deal ultimately fell through, according to a reliable source familiar with the matter, as FTX executives decided against pursuing it. This contradictory revelation contradicts the public perception of the failed FTX-Swift deal, which had portrayed Swift as actively conducting due diligence by questioning FTX’s handling of unregistered securities, as disclosed by a class-action attorney’s public statements, which praised her efforts.
CNBC’s source confirmed that Swift had indeed signed the agreement, which was sent to FTX founder Sam Bankman-Fried’s email inbox. However, it went unanswered for several weeks. The source also revealed that a group of FTX executives managed to dissuade Bankman-Fried from proceeding with the reported $100 million deal.
Additional sources, cited by The New York Times, supported this account by confirming that Swift’s team had signed the deal after a lengthy six-month negotiation period, only for Bankman-Fried to ultimately abandon it.
Due to ongoing federal and bankruptcy proceedings, the individual familiar with the matter requested anonymity. The existence of the FTX-Swift partnership was initially reported by The Financial Times.
In November 2022, FTX filed for bankruptcy protection, while Bankman-Fried is facing numerous federal charges, including fraud and campaign finance violations. Three other FTX executives, Gary Wang, Caroline Ellison, and Nishad Singh, have pleaded guilty to various federal charges and are cooperating with the government’s prosecution against Bankman-Fried.
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