Tom Brady, known for winning consistently throughout his NFL career, experienced perhaps his first major defeat with the bankruptcy of FTX.
Tom Brady Crypto Loss: Tom Brady’s Net Worth Has Declined Significantly
Brady, a prominent ambassador for the cryptocurrency exchange FTX, reportedly lost a staggering $30 million when Sam Bankman-Fried’s business filed for bankruptcy in the latter part of last year.
The New York Times reported that “almost entirely” of the multi-million dollar superstar quarterback’s compensation package for appearing in FTX advertisements and otherwise promoting the business was made up of FTX shares. However, such assets are practically useless at this time.
Brady May Suffer More Losses
Brady is one of several famous people named as defendants in a class-action lawsuit brought by irate FTX customers. Other defendants include Larry David, Shaquille O’Neal, Kevin O’Leary of Shark Tank, Steph Curry, and others. According to the investors, the well-known celebrities who advertised the brand “made numerous misrepresentations and omissions… in order to induce confidence and to drive consumers to invest in what was ultimately a Ponzi scheme.”
On the other hand, Brady continues to struggle with crypto. The NFT firm Autograph, which has struggled in the wake of the crypto meltdown and reduced about a third of its personnel in May, was formed with the help of him. All of this combined means that Brady could suffer many more losses.
About Autograph
Brady had this to say about Autograph last year on his Instagram account:
The future is exciting. I’m fortunate to have cofounded incredible companies like @autograph.io @bradybrand @tb12sports that I am excited to continue to help build and grow.
Brady
University of Michigan alumnus Brady signed collaborations with the sports betting firm DraftKings to develop and sell NFTs, and Autograph reported a $170 million investment round in January of last year. But as mentioned above, Autograph was hit hard by the crypto winter. This, of course, also affected Brady.
Brady’s business endeavors, however, have not all been prosperous. Brady had 1.1 million shares of the now-bankrupt cryptocurrency exchange FTX, worth almost $45 million, according to reports by the New York Post and Forbes that examined court records. Because FTX is still going through bankruptcy, it has not yet been determined how Brady’s net worth has changed as a result of his FTX investment.
Brady and Ex-Wife Gisele Bundchen May Have Lost a Total of $50 Million
After the FTX crypto exchange failed, Tom Brady and Gisele Bundchen are supposedly down millions of dollars. Prior to the company declaring bankruptcy and tanking the value of its stocks, it was discovered that the ex-couple was one of its largest stockholders. According to a recently published article, Brady and Bundchen are believed to have lost a stunning sum of money in the transaction.
Brady may have suffered losses of up to $30 million, according to a People article. Bundchen’s net worth is thought to have decreased by about $18 million. That would indicate that the ex-couple ultimately suffered losses from the business decision of close to $50 million.
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