• Tom Brady and Robert Kraft held significant stakes in Sam Bankman-Fried’s business, FTX Group.
• Brady and Kraft are unlikely to recover their losses due to the collapse of the platform.
• Brady and Bunchen both held 1.1 million and 680,000 common shares, respectively.
The recent collapse of crypto trading platform FTX Group has left some of the most famous people in US sports and other investors, such as Paul Tudor Jones and Peter Thiele, holding the bag. Star NFL quarterback Tom Brady and New England Patriots owner and billionaire Robert Kraft are among those facing the consequences of the collapse.
It wasn’t clear how Brady was paid in shares of the company, but regardless, he is an FTX creditor according to court documents. Su Keenan of Bloomberg Television reported that the star quarterback, who is currently playing with the Tampa Bay Buccaneers, joins the club of those unlikely to get their money back. FTX was even among the crypto companies that bought an advertising slot during the Super Bowl, making the situation even more disappointing.
Keenan also reported that Kraft owns significant shares in several FTX-related entities. Brady is said to own more than 1.1 million common shares of FTX Trading, while his ex-wife Gisele Bunchen holds 680,000 shares. The new FTX CEO, John J. Ray III, stated that no one is likely to recover their losses due to the collapse.
The news of the collapse serves as a stark reminder of the volatility of the cryptocurrency markets and underscores the importance of making educated investment decisions. Those who were affected by the collapse of FTX Group are certainly feeling the pinch, and it remains to be seen if they can recoup their losses.