It hasn’t necessarily been the best year for Tampa Bay Buccaneers quarterback Tom Brady and his now ex-wife Gisele Bündchen, and things just a lot more difficult for the former power couple as their wealth is now under threat due to cryptocurrency exchange FTX crashing into bankruptcy.
Throughout the 72 hours before Nov. 8, FTX suffered over $6 billion in withdrawals, while the exchange’s market value dipped by 70% this week amid investors’ worries about the financial state of the company.
After FTX landed a bailout deal with rival exchange Binance, Sam Bankman-Fried — who is the CEO of FTX — lost 94% of his net worth overnight, amounting to a total of $14.6 billion, according to Bloomberg.
Though Brady and Bündchen won’t be seeing the massive loss of Bankman-Fried, they are expected, however, to suffer a serious dent with their investment in FTX.
Last year, the former husband and wife took an equity stake in FTX. Brady was named as the company’s brand ambassador and Bündchen as an environmental and social initiatives adviser.
This commercial with Tom Brady and Gisele Bündchen, encouraging their friends to use FTX, came out last September. pic.twitter.com/SuJamuWcmc
— Dan Diamond (@ddiamond) November 8, 2022
“It’s an incredibly exciting time in the crypto-world, and Sam and the revolutionary FTX team continue to open my eyes to the endless possibilities,” Brady stated in a press release shortly after linking up with the exchange.
FTX’s crash falls in line with other cryptocurrency companies, who have also been spiraling downwards.
The biggest cryptocurrency of them all, Bitcoin, shot down 11% Nov.9, and that came after a 10% drop the day before Nov. 8, suffering similar numbers back in August.
Ethereum, another top cryptocurrency, also collapsed 18% Nov. 9.
With the FTX crash, financial experts are labeling it as an “alarm warning” for the struggling cryptocurrency market, stating that investors should be cautious for the unforeseen future when it comes to the digital money. (RELATED: Tom Brady Is Undefeated Since Getting Divorced)
Tom Brady and Gisele Bündchen have a combined net worth of $650 million, according to CelebrityNetWorth.com.
I said last year that cryptocurrency had no sustainability and that it would eventually collapse, it just didn’t make sense economically (and still doesn’t) and the power of the U.S. dollar continues to run the world. Plus, it’s just too confusing to become a mainstream part of everybody’s lives and our everyday system.
Could you imagine your 86-year-old grandmother trying to figure out how to work her cryptocurrency on her phone? What about your 74-year-old grandfather trying to figure out how to mine for crypto? (Still have no idea what any of this lingo means, which explains why it never worked out. Nobody understands this stuff.) Are we really going to get rid of a physical form of cash ? You know that isn’t working.
Boy oh boy, the criticism that was received from that, and yet, here we are.
On to Tom Brady and Gisele: Yeah, they’ll take a hit in their finances, but come on, let’s not act like they’ll be in the brokehouse or anything. They’ll be fine. Still though, who likes losing money?
As a Miami Heat fan, I also have to point out their story with all of this cryptocurrency collapse happening. That’s the party who had the real tough break, not Brady and Bündchen, losing out on an easy $135 million in FTX sponsorship money. However, that whole scenario does give the Heat the opportunity to work out a new deal with American Airlines, seeing them go back to ‘AmericanAirlines Arena,’ with the nickname of the ‘Triple A’ — would love to see that come back.
Anyways, who else is happy they never invested in cryptocurrency?