More On: Tom Brady
It looks like Tom Brady lost a huge amount of money in the FTX Crash
Rodgers gives credit to the Jumbotron for showing something that it 'probably shouldn't have'
Tom Brady has announced that he would play for the Tampa Bay Buccaneers, just weeks after announcing his retirement
In his retirement statement, Tom Brady makes no mention of the Patriots
After a record-setting career, Tom Brady has announced his retirement from the NFL.
Sorry about that, Tom.
Tom Brady, the legendary quarterback of golden age, was significantly invested in the now-bankrupt cryptocurrency exchange FTX at the time of its catastrophic collapse.
The athlete who avoided tomatoes was one of the crypto giant's most public evangelists, appearing in FTX advertisements and frequently tweeting football-related cryptocurrency musings. Despite the fact that he was believed to have an interest in the company, the terms of his arrangement with exchange were never made public. Hence, his losses in the collapse were unclear until today.
According to recent bankruptcy court records reviewed by Insider, FTX disclosed the exact amount of shares its top shareholders possessed in the once-thriving exchange. Let's just say that if we were Brady, we would be somewhat deflated.
According to the documents, the flamethrowing bitcoin miner owned an astounding 1,100,000 FTX common shares. And while it is still unknown how much money he may have actually invested in his partnership with the company, given that FTX was valued at over $32 billion at the time of its demise, it is likely that he invested a significant amount. In comparison, the entire competitor exchange Coinbase owned only slightly more FTX stock than Brady, with 1.3 million shares.
Dropping the Ball
In addition to major investment funds such as Tiger Global, Sequoia Capital, SkyBridge, and others, Insider reports that top shareholders include Patriots owner Robert Kraft, who had slightly more than 630,000 common shares, and Tom Brady's neighbor and supermodel Gisele Bündchen, who had slightly more than 700,000 of the same. (At the time, Brady and Bündchen, who were married, entered into an undisclosed September equity transaction jointly.)
Insider notes that all of these assets are likely now worthless. It is also important to note that Brady and Bünchen are two of several celebrity targets of a major class action lawsuit accusing FTX and its renowned ambassadors of selling unregistered securities to low-information customers on purpose. Typical celeb times!
However, we're sure it doesn't feel nice to watch the corporation in which you hold over a million common shares burn to the ground. Similarly, fighting against a comparable class action case does not sound enjoyable. But we're confident that the unretired player and his old bag of bones have a few years left on the field and an ESPN announcing position waiting for him shortly after. Financially, he will probably be alright.
And for the retail investors who may have been duped, what about them? We cannot say the same thing.