•Tom Brady, Gisele Bundchen, Robert Kraft, Kevin O’Leary, and Steph Curry are among the many people with ties to FTX who may be liable for the company’s bankruptcy.
• The common and preferred stock listings represent a more conventional corporate ownership model that will no longer come to fruition.
• Before its collapse, FTX boasted an impressive list of celebrities and athletes as ambassadors and spokespeople.
The recent news of FTX’s bankruptcy has been shocking, especially considering the list of prominent figures with ties to the company. Tom Brady, Gisele Bundchen, Robert Kraft, Kevin O’Leary, and Steph Curry are just a few household names with deep involvement in the now failed venture.
With such successful people touting associations to FTX, there meant to be no way that it could fail; yet here we are, left wondering who will be held liable for its downfall. Without question this bankruptcy is going to provide invaluable lessons for all of those associated with the project; however, it may ultimately come down to much more than an educational experience for a select few.
Tom Brady’s Involvement with FTX
Tom Brady was one of the celebrity endorsers affiliated with FTX when the company filed for bankruptcy in 2021. While details of his business partnership remain largely undisclosed at this point in time, it is clear that his involvement has become more complicated given the recent events surrounding FTX’s finances.
Reports suggest that Brady could be held liable if found guilty of any wrongdoing related to his business dealings with FTX prior to its bankruptcy proceedings. As such, there could be potential financial consequences ranging from legal fees to lost endorsements depending on how this situation moves forward. This would be compound to all of the issues Brady has been facing since the end of 2022 with the divorce from his wife Giselle and a so far subpar season on the field. There have been others that think the divorce was a way to hide their losses with FTX since the two were in so deep but nothing has been made concrete.
Other Celebrities With Similar Ties to FTX
It’s not just Tom Brady who may be held liable for any wrongdoing related to his business dealings with FTX before its bankruptcy proceedings; other celebrities such as Gisele Bundchen, Robert Kraft, Kevin O’Leary, and Steph Curry have all had similar ties to the company and could potentially face similar legal action if found guilty of any wrongdoing related to their respective business partnerships prior to its bankruptcy proceedings.
Kevin O’Leary has been a vocal proponent of Sam and FTX but one would assume that he currently does not feel too positive towards the company or the man responsible for the amount of money he lost by trusting them all. There was a lot to lose and with O’Leary it wasn’t just money but credibility, and face as well.
This situation has already caused quite a bit of controversy amongst Brady’s professional counterparts who are questioning whether or not they should pursue similar endorsement deals going forward given what has happened with regard to FTX’s finances recently.
Gotta be more careful
This situation involving FTX’s bankruptcy proceedings brings into question what it means for potential celebrity endorsements and business partnerships moving forward. While we wait for more information about how Tom Brady’s involvement will play out legally speaking (as well as what will happen regarding other famous people associated with TT), it is clear that these circumstances have highlighted an important issue when it comes to celebrity endorsements—namely that these individuals need to be mindful of exactly who they are endorsing or entering into partnerships with so as not put themselves at risk financially if things don’t go according to plan down the line!
