Former Buccaneers' QB Tom Brady Lost $30 Million in Cryptocurrency Crash Last Year
Cryptocurrency became the new trend in the digital marketplace just a few years ago. If you were on social media during this time your timeline would be filled with bitcoin, dogecoin, etc. One of the largest and most popular cryptocurrency marketplaces during this time was FTX - a company founded by entrepreneur Sam Bankman-Fried.
With cryptocurrency taking the world by storm, Bankman-Fried was able to align himself with numerous celebrities to become ambassadors for FTX; helping endorse the new crypto platform. Bankman-Fried's top ambassador for FTX became former Buccaneers' quarterback Tom Brady who, along with his then-wife Gisele, would promote the platform through advertisements and conferences.
Unfortunately, in late 2022, the crypto scheme known as FTX came crumbling to the ground as it came out that what Bankman-Fried was telling investors was false information.
With FTX coming to a screeching halt, numerous people lost loads of money including the power couple.
According to a recent New York Times article, Tom Brady and his now ex-wife, Gisele Bundchen, lost a combined $48 million - Brady $30 million, and Gisele $18 million.
The losses are tough, but both Bundchen and Brady aren't hurting on funds, so the losses will be less felt by them than the everyday layman. Anyone who held stock in FTX is now dealing with tons of financial loss that they will not get back as those stocks are now pretty much worthless today.
As if the financial loss isn't enough, Brady along with a slew of other celebrities who endorsed FTX are facing a class-action lawsuit. Lessons can be learned from jumping into something before knowing the full extent of what it actually is. For Brady and Gisele this may not hit as hard as it will for others, but it will be a stark reminder to do more due diligence with whatever business they each look to break into in the future.
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