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Seven-time Super Bowl champion Tom Brady and his ex-wife, supermodel Gisele Bündchen, lost a combined $48 million during the FTX collapse in November 2022, the New York Times reported on Thursday (July 6).
Brady, 45, invested $30 million into the company while and Bündchen, 42, invested $18 million, as part of an endorsement agreement both signed in 2021. The two were among numerous celebrity endorsers sued by a group of former FTX customers who claim the endorsers were "responsible for the many billions of dollars in damages they caused," according to a copy of the lawsuit shared by The Block crypto reporter Stephanie Murray on November 16, 2022.
Other notable names included in the lawsuit are listed below:
- Kevin O'Leary, businessman and Shark Tank personality
- Udonis Haslem, NBA player
- David Ortiz, Baseball Hall of Famer and FOX Sports analyst
- Golden State Warriors LLC
- Shaquille O'Neal, Basketball Hall of Famer and TNT Sports analyst
- Trevor Lawrence, Jacksonville Jaguars quarterback
- Shohei Ohtani, Los Angeles Angels pitcher, outfielder and designated hitter, reigning American League MVP
- Naomi Osaka, four-time tennis Grand Slam champion
- Larry David, co-creator and head writer of Seinfeld and creator and star of Curb Your Enthusiasm
In November, FTX announced it had begun the process of filing for Chapter 11 bankruptcy following former CEO Sam Bankman-Fried's decision to step down as CEO.
"The immediate relief of Chapter 11 is appropriate to provide the FTX Group the opportunity to assess its situation and develop a process to maximize recoveries for stakeholders," said John J. Ray III, who took over as CEO, according to the company's news release shared on November 11, 2022. "The FTX Group has valuable assets that can only be effectively administered in an organized joint process. I want to ensure every employee, customer, creditor, contract party, stockholder, investor, governmental authority and other stakeholder that we are going to conduct this effort with diligence, thoroughness and transparency. Stakeholders should understand that events have been fast-moving and the new team is engaged only recently. Stakeholders should review the materials filed on the docket of the proceedings over the coming days for more information."