Sorry, Tom.
Deflated Shares
It's no secret that Tom Brady, golden-aged quarterback extraordinaire, was heavily invested into the now-bankrupt crypto exchange FTX at the time of its disastrous implosion into bankruptcy.
The tomato-avoidant footballer was one of the crypto giant's most visible ambassadors, starring in FTX commercials and often taking to Twitter to tweet football-related crypto musings. But while he was understood to have an equity stake in the company, the terms of his agreement with exchange was never publicly disclosed. As a result, his losses in the collapse have been unclear — until now.
In new bankruptcy court filings reviewed by Insider, FTX reportedly unveiled exactly how much equity its top shareholders held in the formerly high-flying exchange. And let's just say that if we were Brady, we'd be feeling pretty deflated.
Per the docs, the flamethrowing bitcoin miner had a staggering 1.1 million common shares of FTX. And while it's still unknown how much money he may have actually put into his partnership with the company, considering that FTX was valued at roughly $32 billion at the time of its collapse? The entirety of rival exchange Coinbase, for perspective, owned only a hair more FTX stock than Brady, at 1.3 million shares.
Dropping the Ball
Alongside major investment funds like Tiger Global, Sequoia Capital, SkyBridge, and others, Insider reports that top shareholders include Patriots owner Robert Kraft, who had a little over 630,000 common shares, and supermodel-slash-neighbor-to-Tom-Brady Gisele Bündchen, who clocked in just under 700,000 of the like. (Brady and Bündchen, who were married at the time, entered into that undisclosed September equity deal together.)
All of these assets, Insider notes, are likely now worthless. It's also worth noting that Brady and Bünchen are also two of several celebrity targets of a massive class action lawsuit accusing FTX and its famous ambassadors of intentionally hawking unregistered securities to low-information investors. Normal celeb times!
Still Alive
Alas, we're sure it doesn't feel good for the company that you own over a million common shares in to go up in dumpster fire flames. And in the same vein, defending against a related class action lawsuit also doesn't sound fun. But we're sure the unretiree and his ol' bag o' bones have a few years left on the field, and an announcing job on ESPN waiting for him shortly thereafter. Financially, he'll likely be just fine.
As for the potentially defrauded retail investors? We can't say the same.
READ MORE: FTX bankruptcy documents show list of investors set to be completely wiped out, including Tom Brady and Robert Kraft [Business Insider]
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