July 7, 2023 3:06pm EDT
Tom Brady lost $30 million after FTX collapse: report
Brady was an 'ambassador' for the exchange and is now involved in a lawsuit
By Ryan Morik FOXBusiness
Tom Brady invested $30 million in FTX and was an "ambassador" for the cryptocurrency exchange. It's all gone now.
According to a report by The New York Times, Brady and his ex-wife Gisele Bunchen combined to lose $48 million when FTX collapsed.
FTX filed for bankruptcy in November after a week of tumult for the exchange and what has been the crypto equivalent of a bank run.
FTX got involved with a number of sports leagues and athletes, striking deals with Mercedes for Formula One racing and a sponsorship deal with Major League Baseball.
Investors recently filed a class-action lawsuit against founder Sam Bankman-Fried that names Tom Brady, Steph Curry, Shaquille O'Neal, Trevor Lawrence, David Ortiz, Shohei Ohtani and Naomi Osaka as defendants.
Bankman-Fried saw his net worth plummet from $30 billion to $15 billion after the collapse, and he is now facing federal fraud charges.
The Miami Heat found a new name for their arena, formerly known as FTX Arena, after the collapse. Miami-Dade County owns the arena and negotiated the naming rights to the venue. The two sides agreed on a 19-year, $135 million agreement in June 2021.
more
https://www.foxbusiness.com/sports/tom-brady-lost-30-million-after-ftx-collapse-report
