Last year, many athletes and sports personalities got involved in advertising for the cryptocurrency company FTX. However, FTX came crashing down last fall, filing for bankruptcy while founder Sam Bankman-Fried faces criminal charges for fraud.
One of the most famous faces at the front of FTX was Tom Brady, as the former quarterback was a prominent ambassador for FTX at its height. Brady and his then-wife, Giselle Bündchen, began promoting for FTX in 2021 through commercials, TikTok videos and other initiatives.
That means as FTX crumbled, Brady lost all of his money tied up with the company, which, according to The New York Times, included $30 million in company stock that FTX used to pay Brady for his services. FTX paid Bündchen $18 million in shares herself, so the couple lost $48 million total during the collapse.
As a result, Brady is facing lawsuits tied to FTX’s demise, as he and Bündchen are among the celebrities being sued for misleading investors. Additionally, Brady’s company Autograph, which helps sell NFT collectibles for celebrities, went from thriving to struggling, and has been forced to steer away from the crypto world.
Brady’s made enough money that, even though this will certainly hurt both emotionally and financially, he should be fine as he heads into the next phase of his career after retiring from football early this year.
