Tom Brady left holding the bag after FTX collapse
Brady held 1.1 million shares in Sam Bankman-Fried’s business
His ex-wife Gisele Bunchen has 680k shares
New FTX CEO John J. Ray III says no one is likely to recover losses
Some of the most famous people in US sports and people like Paul Tudor Jones and Peter Thiele are among those facing the consequences of the collapse of crypto trading platform FTX Group.
Brady and Bob Kraft held substantial stakes in SBF’s business
Star NFL quarterback Tom Brady and New England Patriots owner and billionaire Robert Kraft held substantial shares in Sam Bankman-Fried’s business. Su Keenan reports on Bloomberg Television.
It wasn’t clear how Brady was paid
Su Keenan reports that it wasn’t clear how Tom Brady was paid in shares of the company, but nonetheless, he is an FTX creditor according to court documents. The star quarterback, who’s currently playing with the Tampa Bay Buccaneers, joins the club of those unlikely to get their money back.
This is a disappointing development. FTX was even among the crypto companies that bought an advertising slot during the Super Bowl.
The other losers
Patriots owner and billionaire Robert Kraft owns significant shares in several FTX-related entities. Brady owns more than 1.1 million common shares of FTX Trading. His ex-wife Gisele Bunchen has 680,000 shares.
No one is likely to recover losses
They join the ranks of luminaries like Paul Tudor Jones and Peter Thiele in holding the bag on some of these shares, whose value is assumed to be nonexistent. FTX is now bankrupt and the new CEO, John J. Ray III, says it’s not likely anyone will recover losses.
The noose tightens
Sam Bankman-Fried faces trial in October. Two people in his former inner circle, Caroline Ellison and Gary Wang, are cooperating with prosecutors. A third witness may be in the works – FTX former engineering chief Nishad Singh, who was reported to be looking for a deal.