The New England Patriots and Tampa Bay Buccaneers legendary quarterback Tom Brady ruled the NFL without having a mere setback throughout his professional football career. In two decades, he took his name to a height that is far reachable.
Outside the football field, Brady has showcased his business acumen by investing in several sports teams alongside other businesses. His worst decision as a businessman was being becoming a leading ambassador for cryptocurrency exchange FTX which cost him huge losses after its collapse. However, a recent update shows the FTX decision was not totally a loss project for the veteran.
Tom Brady reportedly received $55 million for FTX commercial
During the episode of “60 Minutes” on Sunday, the ”Moneyball ” Author Micheal Lewis recently dropped a bomb saying he saw confidential internal marketing documents of Brady’s contract with FTX while revealing that the QB would have to devote just 20 hours of his time each year for three years to the advertising campaigns, while California Cool was paid a whopping $55 million as part of the deal.
The author said that the 46-year-old veteran had a good relationship with Sam Bankman-Fried, the founder of FTX, despite their apparent differences. Besides the signal-caller, his fellow celebrity sportsman and NBA superstar Stephen Curry was paid a total of $35 million to promote the crypto exchange.
Meanwhile, Sam Bankman-Fried is embroiled with seven federal charges, including wire fraud as well as the conspiracies to commit commodities fraud, securities fraud, and money laundering.
Brady lost nearly $30 million after FTX collapse
Following the collapse of FTX, Brady also suffered a loss of $30 million. He and his former wife, Gisele Bundchen, had invested a substantial sum in the crypto giant. Tom Terrific’s multi-million-dollar loss included FTX stock as a significant part of his compensation package. However, with its collapse, the stock became entirely worthless. Meanwhile, Gisele’s net worth dropped by $18 million after the demise of the crypto company, according to Bitcoin.com News.
Besides the financial loss, the NFL GOAT was among some notable celebrities including Curry, Larry David, Shaquille O’Neal, and “Shark Tank’s” Kevin O’Leary alongside his wife to get embroiled in a class-action lawsuit filed by FTX customers. The aggrieved customers alleged these celebrities promoted the brand by making several misrepresentations and omissions to induce confidence and to drive them to invest in what caused nothing but loss for them.
What’s your take on Brady’s crypto investment? Tell us in the comments.
