Tom Brady Owned 1M Plus in FTX: He Might Not Receive Anything

• Football star Tom Brady owned 1.1 million in shares, while his ex-wife owned worth 680,000. 
• The pair were appointed as FTX’s brand ambassadors. 
• Billionaire Kevin O’realy, the former FTX spokesperson, also lost a major chunk. 

The FTX saga had been a black swan event of the crypto industry that wreaked havoc, creating a domino effect that claimed many other entities. Many investors and users fell victim to the collapse. One of the unfortunate victims is Tom Brady, who lost approximately $1.1 million. 

Tom Brady, the quarterback of the Tampa Bay Buccaneers, used to hold 1.1 million in shares; at the same time, his ex-wife, Gisele Bundchen, owned nearly 680,000 in common shares at the time of Bankruptcy. The high-profile pair were appointed brand ambassador for FTX in 2021 and were used in promotions and advertisements. 

When FTX announced the liquidity crisis at the start of November 2022, Forbes estimated that the football star had a stake of around $45 million while his wife had around $25 million before the price began dropping. 

If reports are to be believed, Tom Brady, his ex-wife, or any other investors might not see the face of even a penny of the lost money, and only the bondholders could see some returns coming to their end. 

New FTX CEO John Ray III said that:

“At the end of the day, we’re not going to be able to recover all of the losses here.”

Among the names of other victims, a few high-profile names come up, like Robert Kraft, billionaire and owner of the New England Patriots, Kevin O’Leary, shark tank star who was appointed as FTX spokesperson, etc. It is believed they should now forget the money they invested in FTX, no matter the amount. 

In December, O’Leary told the media that he lost every penny of the $15 million he was paid to become a spokesperson.

Football star Brady, Billionaire Kevin, and many others unknowingly got dragged into this legal hustle after a Florida-based class action lawsuit was levied as FTX. Their spokesperson said in November that they misled the investors and customers simultaneously. 

When such a highly convoluted matter of high priority and case with very high stakes comes, there’s a rare possibility that everyone affected by the implosion get their funds back. Although some companies have come forward saying that they would compensate the users with 40 cents for every dollar stuck in the bankrupt exchange. 

The actual information regarding the number of participants and the extent of money owed by FTX is still unknown. Meanwhile, there is a possibility of an out-of-court settlement. 

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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