Laila Keith
Tom Brady is a retired American football player, spokesman, and entrepreneur with a net worth of $300 million. In 2021, Brady and his then-wife Gisele Bundchen announced a partnership with Sam Bankman-Fried's cryptocurrency exchange FTX. The couple received equity in FTX and a signing bonus in cryptocurrency, and featured in advertisements promoting the company. In the wake of FTX's bankruptcy in 2022, Brady reportedly lost $30 million, and may lose more in the coming months.
| Characteristics | Values |
|---|---|
| Amount Invested in FTX | $45 million |
| Amount Lost in FTX Collapse | $30 million |
| Total Wealth | $300 million |
What You'll Learn
Tom Brady lost $30 million in the FTX crypto crash
Tom Brady, the seven-time Super Bowl champion, lost a reported $30 million in the FTX crypto crash. The retired NFL star was a leading ambassador for the now-bankrupt cryptocurrency exchange. Brady's association with FTX and its founder, Sam Bankman-Fried, dates back to 2020 when he first announced a partnership with the company. In 2021, he and his then-wife, Gisele Bundchen, signed an endorsement deal with FTX, receiving equity in the company and a signing bonus in cryptocurrency.
Brady's multi-million-dollar compensation package for promoting FTX consisted almost entirely of FTX stock, which is now worthless following the company's bankruptcy. The former Tampa Bay Buccaneer quarterback is also facing potential tax payments and is named in a class-action lawsuit filed by aggrieved FTX customers. The lawsuit alleges that celebrity endorsers, including Brady, made misrepresentations to induce confidence and drive investments in what was ultimately a Ponzi scheme.
The exact amount Brady invested in FTX is unclear, but it is believed to be significant given his equity in the company and his wealth. Brady's net worth is estimated to be around $300 million, with additional sources citing it to be $250 million. He earned more than $300 million in salary and endorsements during his 23-year NFL career and signed a massive 10-year, $375 million contract with Fox Sports as an analyst after retiring from football.
The FTX crypto crash exposed an $8 billion hole in the company's accounts, affecting more than a million people, including investors and customers. Sam Bankman-Fried, the founder of FTX, was found guilty of fraud, embezzlement, and criminal conspiracy, receiving a 25-year prison sentence.
Brady's crypto woes extend beyond FTX. He co-founded Autograph, an NFT startup that has struggled in the wake of the crypto crash, slashing a significant portion of its workforce. Despite these losses, Brady's overall financial situation remains strong, and he continues to have successful ventures and investments in various fields.
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He may lose more money in tax payments and a lawsuit
Tom Brady, a retired American football player, was a leading ambassador for FTX, a now-bankrupt cryptocurrency exchange. The seven-time Super Bowl champion reportedly lost $30 million when the company went bankrupt. Brady may face further financial losses in the form of tax payments and a lawsuit.
Brady's endorsement deal with FTX required him to pay taxes on his now-worthless FTX stock. As a result, he may owe additional money to the government in taxes.
In addition, Brady is among a group of celebrity defendants, including Larry David, Shaquille O'Neal, Kevin O'Leary, and Steph Curry, facing a class-action lawsuit filed by aggrieved FTX customers. The investors allege that the celebrities who promoted FTX made misrepresentations and omissions to induce confidence and drive investments in what they claim was a Ponzi scheme.
The lawsuit claims that the celebrities endorsed the sale of unregistered securities by FTX and that their promotions were deceptive. The outcome of the lawsuit is yet to be determined, but Brady may be liable for additional financial losses if the court rules against him.
While Brady's exact losses from the FTX collapse and its aftermath are unknown, they could potentially impact his overall financial standing. However, it is important to note that Brady has earned significant wealth from his NFL career, endorsement deals, and other investments, which may help cushion the impact of these losses.
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He was a leading ambassador for FTX
Tom Brady, the seven-time Super Bowl champion, was a leading ambassador for FTX, the now-bankrupt cryptocurrency exchange. Brady, along with his then-wife Gisele Bundchen, endorsed FTX and promoted the brand by appearing in several commercials. The couple first announced their partnership with FTX CEO, Sam Bankman-Fried, in 2020 and later agreed to an endorsement deal with FTX in 2021.
As part of the deal, Brady and Bundchen received equity in FTX and a signing bonus paid in cryptocurrency. The contract also included a clause for FTX to donate millions annually to charity on behalf of the couple. Brady's association with FTX went beyond just being a celebrity endorser, as he received a substantial compensation package for his role in promoting the brand. According to reports, his compensation package consisted "almost entirely of FTX stock," which is now worthless following the company's bankruptcy.
The exact amount Brady invested in FTX is not publicly known, but it is estimated to be significant given his wealth and the terms of the endorsement deal. Brady owned over 1.1 million common shares of FTX Trading, which were valued at about $45 million before the company's bankruptcy. As a result of the collapse, he reportedly lost $30 million, and there may be further financial repercussions for the retired NFL star.
In addition to his investment in FTX, Brady has also co-founded an NFT startup called Autograph, which has faced challenges following the crypto crash. Brady's involvement in the cryptocurrency space has led to him being named in a class-action lawsuit filed by aggrieved FTX customers, who allege that the celebrities who promoted the brand made misrepresentations to induce confidence and drive investments in what they claim was a Ponzi scheme.
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Brady and his ex-wife Gisele Bundchen owned 0.15% and 0.09% of FTX, respectively
In June 2021, Tom Brady and his then-wife Gisele Bundchen were named as the newest "brand ambassadors" for the cryptocurrency exchange FTX. The couple appeared in several advertisements for the company, including one in which Brady starred alongside its founder, Sam Bankman-Fried.
In the wake of FTX's collapse and subsequent bankruptcy, details of Brady and Bundchen's compensation were revealed. On January 10, 2023, a bankruptcy court released a document listing all of FTX's largest individual equity holders. This document showed that Brady and Bundchen owned 0.15% and 0.09% of FTX, respectively.
According to Forbes, Brady received 1,144,861 common shares of FTX, while Bundchen received 686,761 shares. Using the valuation provided by television personality Kevin O'Leary, who owned 32,000 shares, Brady and Bundchen's combined 1.8 million shares were worth around $57 million at their peak.
In addition to their equity holdings, Brady and Bundchen likely received tens of millions of dollars in additional compensation. For example, O'Leary received approximately $14 million in compensation beyond the value of his shares. As a result, Brady and Bundchen stand to lose a significant portion of their wealth due to the collapse of FTX.
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He also co-founded the NFT startup Autograph
Tom Brady lost a reported $30 million in the crypto crash, with the potential for further losses in the future. The retired NFL player was a leading ambassador for the now-bankrupt cryptocurrency exchange FTX.
Brady has also co-founded the NFT startup Autograph. The company was launched in August 2021 and raised $170 million in a funding round in 2022. Autograph is a fan engagement NFT company that creates signed collectibles. It is part of the growing ecosystem of celebrity non-fungible tokens, with other celebrities involved including Paris Hilton, Quentin Tarantino, Lindsey Lohan, Stephen Curry, and LeBron James.
Autograph has partnered with ESPN to create NFTs, and has also collaborated with The Weeknd, Slam Magazine, and the horror series Saw. The company has also worked with DraftKings to allow customers to purchase NFTs using credit cards. Autograph sold 5,000 Tom Brady NFTs for $12 each.
The idea for Autograph came from 23-year-old Dillon Rosenblatt, who presented the concept to his father, millionaire media mogul Richard Rosenblatt, and their longtime family friend, Tom Brady. Dillon Rosenblatt's interest in web 3.0 and sports NFTs, coupled with his "affinity for collecting," led him to co-found the company.
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Frequently asked questions
It is unclear how much Tom Brady invested in the now-bankrupt cryptocurrency exchange FTX. However, it is estimated that he lost around $30 million in the crash.
Tom Brady was a leading ambassador for FTX and appeared in several promotional ads for the company. He also received equity in FTX as part of an endorsement deal.
Yes, Tom Brady also co-founded Autograph, an NFT startup that makes tokens for the NFL.
Yes, Tom Brady is among a handful of celebrity defendants in a class-action lawsuit filed by aggrieved FTX customers. The lawsuit alleges that the celebrities who endorsed FTX participated in deceptive strategies to "induce confidence and to drive consumers to invest in what was ultimately a Ponzi scheme".
No, Tom Brady earned more than $300 million from his NFL salaries over 23 years in the league, and he made even more from endorsement deals and off-the-field investments. He is estimated to have a net worth of around $300 million.
