Tom Brady rarely takes an L.
According to reports, former NFL player Tom Brady made an investment in FTX, a cryptocurrency exchange company.
However, the company’s recent bankruptcy filing has resulted in losses for Brady’s investment. Furthermore, it has been revealed that Brady’s endorsement deal with FTX, which was primarily in the form of stock, has also resulted in financial losses for the retired sports figure.
Per Erin Griffith and David Yaffe-Bellany of the New York Times, Brady’s endorsement agreement paid him $30 million that “consisted almost entirely” of stock in the company.
“This particular opportunity showed us the importance of educating people about the power of crypto while simultaneously giving back to our communities and planet,” Brady said when the agreement was announced. “We have the chance to create something really special here, and I can’t wait to see what we’re able to do together.”
Kevin George of Investopedia.com showed TB12 owned more than 1.1 million common shares of FTX trading. Of course Tom lost his entire investment when the company went under.
In the aftermath of the bankruptcy, Brady and several others, including celebrities, have been sued for allegedly violating Florida securities and consumer protection laws.
The lawsuit accuses them of not disclosing crucial financial information and promoting FTX without conducting proper due diligence.
Brady, who previously owned over 1.1 million common shares of FTX, appears to have lost his entire investment due to the company’s bankruptcy.