In an unexpected twist in the world of celebrity endorsements and cryptocurrency, it has been revealed that pop icon Taylor Swift had signed a whopping $100 million sponsorship deal with the now-defunct FTX crypto exchange. However, the deal fell through, leaving the superstar ‘frustrated and disappointed,’ CNBC reports.
Bankman-Fried’s Shocking Swift Partnership Rejection
A recent report has provided a fresh perspective on the narrative that emerged in April about pop icon Taylor Swift’s association with Sam Bankman-Fried’s failed crypto exchange, FTX.
Attorney Adam Moskowitz, spearheading a class-action lawsuit against celebrities who endorsed FTX, stated in a spring interview that Swift had withdrawn from a $100 million tour sponsorship agreement with FTX due to concerns about the unregistered securities status of cryptocurrencies.
This statement sparked a wave of headlines lauding Swift for avoiding the financial quagmire that FTX turned into, with many attributing her astute decision to her father’s experience in finance.
However, a recent report by the New York Times reveals that the “Bad Blood” singer did indeed ink a $100 million deal with Bankman-Fried. It was Bankman-Fried who opted out, leaving Swift and her team feeling ‘frustrated and disappointed.’
Moskowitz admitted to the Times this week that he was not privy to the detailed dynamics of Swift’s dealings with Bankman-Fried.
SBF Ignored Swift’s Deal For Several Weeks
In a surprising revelation, a source disclosed to CNBC that the signed agreement between Taylor Swift and FTX had been sent to the inbox of the exchange’s founder, Sam Bankman-Fried. However, it remained unanswered for several weeks. The source further revealed that a group of FTX executives eventually persuaded Bankman-Fried not to proceed with the reported $100 million deal.
This narrative was corroborated by three other sources who spoke to The New York Times. They confirmed that Swift’s team had indeed signed the deal with FTX after six months of intense negotiations, only for Bankman-Fried to ultimately pull the plug.
The individual who shared these insights requested anonymity due to the ongoing federal and bankruptcy proceedings related to FTX.
While Swift luckily avoided a potential disaster, numerous other celebrities hopped on the FTX bandwagon. The list of high-profile endorsers for the ill-fated exchange includes NFL legend Tom Brady, supermodel Gisele Bündchen, tennis prodigy Naomi Osaka, NBA star Stephen Curry, retired baseball superstar David “Big Papi” Ortiz, and ‘Shark Tank’ investor Kevin O’Leary.
In November 2022, FTX sought protection through bankruptcy filing. Its founder, Bankman-Fried, is currently dealing with several federal charges, including fraud and violations of campaign finance. Three other executives from FTX, namely Gary Wang, Caroline Ellison, and Nishad Singh, have admitted guilt to a range of federal charges and are now assisting the government in their case against Bankman-Fried.
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