There are speculations that Tom Brady risks losing his entire investment of $650 million fortune as FTX’s exchange token FTT went into freefall on Tuesday and continues to crash even after the company got a lifeline from Binance.
In 2020, NFL Power couple Tom Brady and current ex-wife Gisele Bundchen entered a long-term partnership with FTX cryptocurrency. Where they took an equity stake in the company with Brady being announced as a brand ambassador and Bundchen an environmental and social initiatives adviser.
Joe Pompaliano, an entrepreneur and Investor shared updates on the endorsement deal between FTX and Tom Brady.
BREAKING: Crypto exchange FTX has announced an endorsement deal with Tom Brady & Gisele Bündchen.
Both Brady & Bündchen will receive equity in FTX and a signing bonus in crypto.
In total, FTX has committed to spending over $350M on sports partnerships in the last 6 months alone
— Joe Pompliano (@JoePompliano) June 29, 2021
He stated that both Brady and his wife Gisele were to receive equity in FTX and a signing bonus in crypto, the exact details of which were not disclosed.
Over the last few days, Binance CEO Changpeng Zhao tweeted on Sunday, that he will be liquidating all remaining FTT tokens in their books that were acquired as a part of the exit from Alameda’s sister company FTX last year. Afterward, the price of FTT declined nearly 14% in over 48-hour, which is the lowest price since June, according to CoinMarketCap.
He claimed that the sale of Binance’s FTT holdings was not to be interpreted as a slight against the competitor exchange, FTX. The tremor appears to have spread as SOL and SRM are also taking losses.
But Tom Hardy isn’t the only one losing millions in this crash. According to Bloomberg Billionaire Index, FTX CEO Sam Bankman-Fried, who got Tom Brady into crypto is said to no longer be a Billionaire after his estimated personal wealth plummeted nearly 94% in a single day. His net worth has experienced an implode as he lost an estimated $14.6 billion dollars.
If you are wondering what effect the massive crash would have on Tom Brady’s $650 million dollar fortune, well, FTX is yet to comment on what will happen with his fortune and the multi-million dollar sports deal it brokered with him. Tom Brady is set to lose his entire fortune.