Tom Brady has lost a lot of money in the FTX crash
Tom Brady is facing some huge losses of money following the crash of the popular cryptocurrency platform, FTX.
Bankruptcy filings reveal just how much money the American footballer had in the exchange.
Brady owned over a staggering million common shares of FTX Trading and - as a heads up - his loss was huge.
Brady, 45, was known as one of the most high-profile celebrities, of which there were a few, to have promoted and invested in Sam Bankman-Fried's FTX crypto empire.
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Brady and his now ex-wife, Gisele Bündchen, were first announced as having taking equity stakes in FTX back in 2021. Since then, the celebrity couple became the faces of all things FTX.
Brady was involved in a handful of commercials for the crypto exchange as a brand ambassador, while Bündchen was named as the company’s environmental and social initiatives advisor, Forbes reported.
Talk about being invested.
Unfortunately, due to this, the Tampa Bay Buccaneers quarterback's individual losses were one of the hugest following the collapse of the company last year.
FTX's CEO, Sam Bankman-Fried, lost an estimated $14.6 billion, which totalled to around 94 percent of his entire net worth just overnight, Bloomberg reports.
The company was then forced to strike a bailout deal with its rival crypto company, Binance.
Brady reportedly owned 1.1 million shares in FTX which approximately equalled out at a devastating $45 million before the company went bankrupt, Bloomberg reports.
Bündchen also owned just under 700,000 common shares of FTX and reportedly took a double-digit million loss.
According to the bankruptcy document, other big investors of FTX's equity-holder list included elite Wall Street hedge funds and growth investors.
All of those investments in shares are now virtually worthless with the massive collapse representing a huge fall from FTX's peak valuation of about $32 billion.
John J. Ray III, the man who was tasked with handling FTX’s restructuring, said: "At the end of the day, we’re not going to be able to recover all of the losses here."
While the financial losses were huge, the retired quarterback will end up still being financially stable.
Now retired, he was the league's career leader in passing yards (89,214) and touchdowns (649) amounting to a huge net worth is still a huge $512 million.
The NFL legend definitely didn't luck out with FTX but with all things considered, it seems as if he'll be doing okay following the devastating multi-million loss.
Topics: Celebrity, Money, Cryptocurrency
Rhiannon Ingle