FTX bankruptcy docs show Tom Brady held over 1 million shares in the crypto exchange

Credit Source

Tom Brady’s weighty investment in FTX is on the verge of evaporating. New bankruptcy filings show that the Tampa Bay Buccaneers quarterback holds over 1.1 million common shares in the defunct cryptocurrency exchange, while his ex-wife and fashion model Gisele Bündchen holds around 680,000, as reported earlier by Bloomberg and Insider.

The NFL star and his then-wife have served as brand ambassadors for FTX since 2021 and even appeared in a series of commercials for the exchange (which really haven’t aged well). According to an estimate from Forbes, Brady’s investment was valued at around $45 million, while Bündchen’s was worth about $25 million. In its report, Insider notes, “During typical bankruptcy proceedings, only bond holders are able to recoup some of their losses, while equity investors are usually wiped out.”

Other high-profile figures listed as FTX equity holders include Robert Kraft, the billionaire owner of the New England Patriots, as well as entrepreneur and Shark Tank star Kevin O’Leary. In December, O’Leary told CNBC that he lost the entirety of the $15 million FTX paid him to become a spokesperson for the exchange.

The next bankruptcy hearing for FTX is taking place right now at the District of Delaware Bankruptcy Court and is streaming live on YouTube. So far, FTX recovered over $5 billion in different assets, including cash, liquid cryptocurrency, and liquid investment securities. That doesn’t include the extra $425 million in crypto that the Securities Commission of the Bahamas is holding on to and still doesn’t make up all of what FTX customers are owed.

Read Full Article

Originally appeared on: TheSpuzz