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It has been revealed that legendary NFL quarterback Tom Brady and supermodel Gisele Bündchen lost an astonishing $48 million in the FTX cryptocurrency crash that occurred last year.
The staggering amount of money lost has left many in disbelief and highlights the risks associated with volatile digital markets.
The story begins when Tom Brady and Gisele Bündchen became involved in business with Sam Bankman-Fried, the founder of FTX, a cryptocurrency marketplace that was gaining significant popularity at the time.
Bankman-Fried had successfully attracted numerous celebrities to endorse his platform, with Tom Brady being his top ambassador. The power couple appeared in advertisements, spoke at conferences, and actively promoted the supposed brilliance of FTX.
However, in November 2022, the entire scheme came crashing down. It became apparent that much of what Sam Bankman-Fried had been telling investors was based on false information.
As a result, a multitude of people, including regular individuals who believed in the investment due to endorsements from influential figures like Tom Brady, suffered significant financial losses. Unfortunately, the renowned athlete and his supermodel wife were not exempt from the consequences of the FTX crash.
The New York Times recently disclosed the extent of Tom Brady and Gisele Bündchen’s investments, leaving readers stunned. Tom Brady had invested a staggering $30 million into FTX, while his then wife had contributed $18 million from her personal wealth.
It is important to note that Tom’s net worth was estimated at $250 million, and Gisele’s at $400 million, which means they will undoubtedly recover from this financial setback. Nevertheless, the loss of $48 million remains a substantial blow.
In exchange for their investments, Tom Brady and Gisele Bündchen received FTX stock options, which have now become utterly worthless. Furthermore, the couple may face additional financial burdens as they might be required to pay taxes on their ill-fated investment.
The implications of the FTX crash do not end there, as Tom and Gisele find themselves embroiled in a class-action lawsuit. They, along with other celebrities who endorsed FTX, including Shaquille O’Neal and Larry David, have been named as defendants.
The FTX crash serves as a stark reminder of the inherent risks involved in the cryptocurrency market and the importance of thoroughly researching and understanding any investment before committing significant funds.