Recent reports regarding Taylor Swift’s involvement with FTX have generated a wave of speculation. Contrary to earlier claims, it has now emerged that Swift did agree to a sponsorship deal with the crypto exchange before FTX executives decided to back out.
Industry sources tell papers that former FTX chief Bankman-Fried abandoned the reported $100 million deal.
Swift’s Involvement With FTX Sponsorship Deal
Earlier reports lauded Taylor Swift’s financial acumen after it was implied that she rejected an FTX sponsorship deal. She reportedly declined the offer due to reservations about the platform’s trade of securities-like assets.
However, reports now reveal that Swift did actually sign the agreement. However, the signed agreement was sent to FTX founder Sam Bankman-Fried’s email but remained unanswered before he abandoned the reported $100 million deal.
Curious about what led to the collapse of FTX? Dive into this insightful article: FTX Collapse Explained: How Sam Bankman-Fried’s Empire Fell
Multiple sources familiar with the matter have confirmed to the papers that Swift’s team engaged in six months of negotiations. After which, she agreed to the FTX deal.
However, Bankman-Fried was the one who pulled the plug on the agreement. This contradicts the public perception that Swift consciously walked away due to concerns over unregistered securities.
FTX Troubles Pulled Other Celebrities While Swift Had a Swift Exit
A class-action lawsuit against FTX and celebrity promoters includes names like Tom Brady, Shaquille O’Neal, Steph Curry, Larry David, and Kevin O’Leary. The complaint claims that none of these celebrities did their homework before endorsing FTX goods to the public.
In April, Shark Tank investor Kevin O’Leary claimed that FTX collapsed before any sponsorship agreement could materialize with Swift.
As part of an endorsement deal, FTX paid NFL star Tom Brady $30 million in FTX shares, according to a New York Times story. Gisele Bündchen, Brady’s ex-wife, reportedly received $18 million in FTX stock. Both are subject to a lawsuit by FTX clients demanding damages.
Due to the breakdown of the tour sponsorship agreement with FTX, Swift emerged unscathed in the legal situation.
Meanwhile, the bankrupt FTX recently revealed plans to rebrand to resurrect the cryptocurrency exchange.
Skeptics in the community, however, have referred to it as “flagship manipulation.” The exchange, formerly ranked second in its sector, has been mired in bankruptcy procedures for over seven months.
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