When rumors of the FTX cryptocurrency exchange’s purchase filtered through the news cycle, the spotlight was firmly on the brand’s most prominent investors.
One such investor was Buccaneers quarterback Tom Brady, who, along with his ex-wife Gisele Bundchen, allegedly put a portion of his wealth into FTX after announcing a partnership with the company and its CEO, Sam Bankman. – Fried, in 2021.
MORE: Brady and Bundchen’s divorce, explained
Brady and Bundchen appeared in ads promoting the company, which flounders further after its rival Binance announced on Wednesday I would not go ahead with the purchase of FTX after doing the “due diligence”. Reportedly, FTX’s valuation increased from $89 million to $1 billion in 2021.
This commercial with Tom Brady and Gisele Bündchen encouraging their friends to use FTX came out last September. pic.twitter.com/SuJamuWcmc
– Dan Diamante (@ddiamante) November 8, 2022
In the aftermath of this bubble bursting, 30-year-old Bankman-Fried, who has more than $10 billion invested in FTX and crypto research firm Alameda, saw his name scratched from the Bloomberg Billionaires Index, meaning that the vast majority of his wealth has probably evaporated.
MORE: Tom Brady talks about how split with Gisele Bundchen has impacted the game
Brady and Bundchen could also experience a downturn if their investments in the company were substantial.
Here’s what you need to know about Brady, Bundchen and FTX:
Why did Tom Brady and Gisele Bundchen invest in cryptocurrencies?
Brady and Bundchen’s investment in cryptocurrencies was a sign of the times. They rode on the groundswell of claims that the crypto exchange was foolproof and stable.
The pair entered the ground floor, first announcing a partnership with crypto son Bankman-Fried in 2020, then agreeing to an endorsement deal with FTX in 2021. The deal gave Brady and Bundchen shares in FTX, as well as a bonus. signature delivered. in cryptocurrency.
BREAKING: Cryptocurrency exchange FTX has announced a sponsorship deal with Tom Brady and Gisele Bündchen.
Both Brady and Bündchen will receive shares in FTX and a crypto signing bonus.
In total, FTX has committed to spending over $350 million on sports partnerships in the last 6 months alone
— Joe Pompliano (@JoePompliano) June 29, 2021
The contract stated that FTX would donate millions annually to charities on behalf of Brady and Bundchen, further sweetening the pot.
“Sam and the revolutionary team at FTX continue to open my eyes to the endless possibilities” of cryptocurrencies, Brady said in a statement at the time. Bundchen offered a similar message: “Cryptocurrencies will become more and more familiar to all of us as time goes on. .”
FTX is not the only cryptocurrency Brady is locked into. He also helped found Autograph, an NFT startup that makes tokens for the NFL.
MORE: Inside Tom and Gisele’s relationship, from marriage to kids to divorce
How much did Tom Brady and Gisele Bundchen invest in FTX?
It’s unclear how much money Brady and Bundchen put into FTX. However, given their stake in the company, as well as their wealth — according to Celebrity Net Worth, Brady and Bundchen are worth a combined $650 million — it seems likely that the amount is significant.
The two now look set to lose the vast majority of the investment. If the Bankman-Fried loss is any indication, Brady and Bundchen could see a major decline in the value of their assets in the coming weeks and months: Bankman-Fried lost his billionaire status overnight.
How does the divorce of Tom Brady and Gisele Bundchen affect your investment in cryptocurrencies?
With the couple recently finalizing their breakup, Brady and Bundchen each feel the brunt of FTX’s bust. Once again, it is not clear how much the couple invested.
Brady is worth an estimated $250 million. Bundchen’s net worth has been estimated at $400 million.