- Tom Brady, the renowned NFL quarterback, suffered a significant loss as the leading ambassador for FTX, a now-bankrupt cryptocurrency exchange.
- Brady reportedly lost a staggering $30 million when FTX collapsed, adding to his financial woes.
- Unfortunately, Brady might face further setbacks in the form of tax payments and a looming lawsuit, as reported by The New York Times.
Tom Brady’s career in the NFL was marked by success and an aversion to losing.
However, the seven-time Super Bowl champion experienced a major setback off the field. Brady, who was a prominent ambassador for FTX, a cryptocurrency exchange, reportedly suffered a colossal loss of $30 million when the company filed for bankruptcy under Sam Bankman-Fried’s leadership.
As per The New York Times, Brady’s substantial compensation package from FTX, which primarily consisted of FTX stock, is now essentially worthless.
AP Photo/Rusty Jones
Unfortunately, Brady’s troubles may not end there. He is now one of the celebrity defendants facing a class-action lawsuit filed by disgruntled FTX customers, which includes other well-known figures such as Larry David, Shaquille O’Neal, Kevin O’Leary from “Shark Tank,” and Steph Curry. The investors allege that these celebrities made false claims and withheld crucial information to deceive people into investing in what turned out to be a Ponzi scheme.
Moreover, as reported by The Times, Brady’s endorsement deal with FTX also entailed paying taxes on his now-worthless FTX stock.
AP Photo/Peter Joneleit
Furthermore, Brady faced challenges in the cryptocurrency realm with his NFT startup, Autograph. The company suffered significant setbacks due to the crypto crash and had to lay off nearly a third of its workforce in May.
However, despite his recent setbacks, Brady’s financial status is likely secure. He earned over $300 million from his NFL salaries alone during his 23-year career, not to mention the substantial earnings from endorsement deals and wise investments.
Additionally, Brady signed a lucrative 10-year, $375 million contract to begin his career as a Fox Sports analyst in the broadcast booth.
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