Recent reports regarding Taylor Swift’s involvement with FTX have created a flurry of speculation. Contrary to previous claims, it has now emerged that Swift had agreed to a sponsorship deal with the cryptocurrency exchange before FTX executives decided to back down.
Industry sources tell the papers that former FTX head Bankman-Fried has abandoned a $100 million deal.
Previous reports have praised Taylor Swift’s financial acumen after it was implied that she turned down an FTX sponsorship deal. It reportedly rejected the offer due to reservations about the platform trading stock-like assets.
but, reports Now reveal that Swift has already signed the agreement. However, the signed agreement was sent to FTX founder Sam Bankman-Fried’s email, but it remained unanswered before he gave up on the $100 million deal.
Multiple sources familiar with the matter have confirmed to the press that Swift’s team has been involved in six months of negotiations. After that, I agreed to an FTX deal.
However, it was Bankman Fried who stopped the agreement. This contradicts the general perception that Swift pulled out consciously due to concerns about unregistered securities.
FTX issues pulled in other celebs while Swift was quickly out
The class action lawsuit against FTX and its celebrity promoters includes names like Tom Brady, Shaquille O’Neal, Steph Curry, Larry David, and Kevin O’Leary. The complaint alleges that none of these celebrities did their homework before endorsing FTX merchandise to the public.
In April, Shark Tank investor Kevin O’Leary claimed that FTX collapsed before any sponsorship agreement with Swift could materialize.
As part of an endorsement deal, FTX paid NFL star Tom Brady $30 million in FTX stock, according to The New York Times. story. Brady’s ex-wife Gisele Bundchen reportedly received $18 million in FTX shares. Both are being sued by FTX clients seeking damages.
Due to the collapse of the trip’s sponsorship agreement with FTX, Swift emerged unscathed in the legal situation.
Meanwhile, bankrupt FTX recently revealed plans to rebrand itself to revive the cryptocurrency exchange.
However, skeptics in the community have referred to it as “groundbreaking manipulation”. The stock exchange, which previously ranked second in its sector, has been mired in bankruptcy proceedings for more than seven months.
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