Tom Brady, Gisele Bundchen and Robert Kraft ‘will lose ALL investments in FTX’s $32 billion collapse’
Beat Up By Crypto! Tom Brady, Gisele Bundchen and Patriots owner Robert Kraft ‘are among investors who will lose ALL of their investments in FTX’s $32 billion collapse’
Tom Brady, his ex-wife Gisele Bundchen and former employer Robert Kraft are among the stakeholders who lost their entire investment in the $32 billion collapse of FTX.
Bankruptcy documents filed Monday show the Tampa Bay Buccaneers quarterback owns more than 1.1 million shares of FTX-traded common stock, while Bundchen owns an additional 680,000 shares. Kraft, the billionaire owner of the New England Patriots, owns 479,000 common shares and 43,545 preferred shares through one of its companies, KPC Venture Capital LLC.
The past value of their respective investments remains unclear, but the company itself was once valued at $32 billion after founder Sam Bankman-Fried raised $400 million in investments.
Tom Brady (pictured), his ex-wife Gisele Bundchen and former boss Robert Kraft are among the stakeholders who lost their entire investment in the $32 billion collapse of FTX
Bundchen went as far as appearing with Bankman-Fried at the Salt Crypto Bahamas Conference, where they discussed the sustainability of the cryptocurrency industry
Bankrupt companies rarely return investors’ money because federal law dictates that creditors be repaid first and shareholders last.
“At the end of the day, we won’t be able to recover all the losses here,” announced John J. Ray III, an executive who specializes in recovering lost assets from failed businesses, last month.
Brady’s agent Don Yee and a spokesman for Robert Kraft did not immediately respond to DailyMail.com’s request for comment.
FTX was a high-profile cryptocurrency exchange that enjoyed great success with investors thanks to celebrity endorsements, including ads featuring Brady and Bundchen. The pair also received stock shares in return for supporting FTX.
Bankruptcy documents from the defunct crypto exchange show the Tampa Bay Buccaneers quarterback owns more than 1.1 million common shares of FTX trading, while Bundchen owns an additional 680,000 shares
Bundchen went as far as appearing with Bankman-Fried at the Salt Crypto Bahamas Conference, where they discussed the sustainability of the cryptocurrency industry.
FTX has since collapsed, and last month the US government filed criminal and civil lawsuits against Bankman-Fried, the 30-year-old founder of FTX, accusing him of widespread financial fraud.
Brady and Bundchen are also defendants in a class action lawsuit filed by FTX investors who believe the former power couple caused them significant losses. Brady, 45, even deleted old tweets promoting FTX.
Other investors losing money on FTX include Sequoia Capital, Tiger Global Management and the Ontario Teachers’ Pension Plan, previously owned by the NHL’s Toronto Maple Leafs, the NBA’s Toronto Raptors, the MLS’s Toronto FC and the CFL’s Toronto Argonauts belonged.
Bankman-Friend faces eight state charges, including charges of overseeing massive fraud. He has pleaded not guilty to all charges.
https://www.dailymail.co.uk/sport/nfl/article-11623227/Tom-Brady-Gisele-Bundchen-Robert-Kraft-lose-ENTIRE-investments-FTXs-32BILLION-collapse.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 Tom Brady, Gisele Bundchen and Robert Kraft ‘will lose ALL investments in FTX’s $32 billion collapse’