Tom Brady’s crypto partner, FTX, files for bankruptcy
Tom Brady may be saying WTF in Germany, as he realizes that FTX has imploded.
Brady became a brand ambassador of the crypto exchange in 2021, receiving equity in the company and cryptocurrency as part of the deal. He promoted FTX on social media, and starred in a commercials for the company.
Today, FTX announced that it has commenced Chapter 11 bankruptcy proceedings. As part of the move, company founded Sam Bankman-Fried resigned as CEO.
It’s technically a reorganization. If a sufficient plan can’t be devised, it could become a liquidation.
Liquid is the word here. FTX faced a cash crunch that it couldn’t solve, so it needed to see the protection of federal laws that basically allow people and businesses to basically not pay their bills and start over.
FTX has had deals with the Miami Heat, MLB, and other sports teams, leagues, and figures. The marketing effort included a Super Bowl commercial starring Larry David as various characters from history resisted ideas that ended up working out.
And now, FTX prepares to enter the dustbin of history.
Brady’s equity stake in FTX quite possibly will be worthless when it’s all said and done. To the extent he invested other assets into the company, those could evaporate as well.
Fortunately for him, he’ll be making $37.5 million per year, once he starts working for Fox. Hopefully, he’ll put that money in the bank.