Tom Brady owns more than 1 million shares in FTX that are practically worthless after the crypto exchange collapsed—and Gisele isn't too far behind (2024)
Billionaire New England Patriots owner Robert Kraft and star NFL quarterback Tom Brady are among those sharing in the pain of FTX Group’s sudden implosion.
Brady, formerly a prominent FTX booster, owns more than 1.1 million common shares of FTX Trading, bankruptcy courtdocumentsshow. His ex-wife, supermodel Gisele Bündchen, has more than 680,000 shares in the same entity.
Meanwhile, KPC Venture Capital LLC, an entity linked to the Kraft Group, holds more than 110,000 Series B preferred shares in FTX Trading, the entity that owns its main crypto exchange, according to the court papers. The firm also owns 479,000 Class A common shares and 43,545 Series A preferred shares in West Realm Shires, the unit that owns the company’s US-based exchange.
The value of the investments couldn’t immediately be learned, but are assumed to be practically worthless. Stockholders of bankrupt companies rarely recover any of their money because US law requires creditors be repaid in order of priority, and stockholders are last in line, below those with direct claims on a company’s assets, customers and suppliers.
“At the end of the day, we’re not going to be able to recover all of the losses here,” John J. Ray III, who’s handling FTX’s restructuring, said last month.
Representatives for Brady and the Kraft Group didn’t immediately respond to requests for comment.
Brady is among a group of Wall Street and Silicon Valley elite who were stuck with FTX shares, including Tiger Global Management, the Ontario Teachers’ Pension Plan and Sequoia Capital, according to thedocument.
Other shareholders include trusts and entities tied to billionaires Paul Tudor Jones, the family office of Dan Och and Dan Loeb of Third Point. A trust tied to tech titan Peter Thiel is also listed.
Around this time last year, FTX Trading raised $400 million, valuing the company at$32 billionand making founder Sam Bankman-Fried one of the world’s richest people. He’s now set to face trial in October.
(Updates with additional shareholders starting in eighth paragraph.)
–With assistance fromAmanda Albright.
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The article discusses the sudden implosion of FTX Group and highlights the involvement of prominent figures such as Robert Kraft, the owner of the New England Patriots, and Tom Brady, the star NFL quarterback. The revelations are based on bankruptcy court documents, which serve as tangible evidence of the financial ties between these individuals and FTX Trading.
Tom Brady, once a prominent supporter of FTX, is revealed to own over 1.1 million common shares of FTX Trading. His ex-wife, Gisele Bündchen, is also entwined in this financial saga with more than 680,000 shares in the same entity. On the other side, KPC Venture Capital LLC, an entity linked to the Kraft Group, holds substantial shares in FTX Trading, including 110,000 Series B preferred shares.
Moreover, the court papers unveil additional holdings by the Kraft Group, which owns 479,000 Class A common shares and 43,545 Series A preferred shares in West Realm Shires, the unit responsible for FTX Trading's US-based exchange. The complexity of these financial structures adds a layer of intricacy to the situation.
The article notes the potential worthlessness of these investments due to FTX's bankruptcy. It explains the challenges faced by stockholders in bankrupt companies, emphasizing that recovering losses is unlikely as they rank last in line behind creditors with direct claims on a company's assets.
The piece also touches upon the broader spectrum of shareholders affected by FTX's downfall, including Wall Street and Silicon Valley elite such as Tiger Global Management, the Ontario Teachers' Pension Plan, Sequoia Capital, Paul Tudor Jones, Dan Och of Third Point, and entities tied to billionaires like Peter Thiel.
In the context of FTX's recent history, the article mentions the company's impressive $400 million fundraising round last year, valuing the company at $32 billion. This detail underscores the drastic turn of events leading to its current state and the impending trial of founder Sam Bankman-Fried in October.
In conclusion, the intricate web of financial connections and the far-reaching implications of FTX's collapse underscore the complexities and risks inherent in the world of high-stakes investments and financial ventures.
Brady, formerly a prominent FTX booster, owns more than 1.1 million common shares of FTX Trading, bankruptcy court documents show. His ex-wife, supermodel Gisele Bündchen, has more than 680,000 shares in the same entity.
Brady, in his individual motion to dismiss the case, argues that his general promotion of FTX did not mention the "allegedly unregistered securities" and that the company's collapse "harmed" him as well. He also says that "no reasonable consumer would confuse these promotions for anything other than paid endorsem*nts."
Brady owns 1.1 million common shares of FTX, while Bundchen owns 686,000 shares, according to bankrupcty court documents filed Monday. At its peak, the privately held FTX was valued at around $32 billion.
Bündchen actually has a much higher net worth than former husband Tom Brady, whose fortune is estimated at around $250 million. While Gisele was busy banking $500 million in salary and endorsem*nts between 2000 and 2020, the NFL legend earned $330 million.
When NFL legend Tom Brady left the field at the end of the final game of the 2022 season, he was the league's career leader in passing yards (89,214) and touchdowns (649). He also left with an estimated net worth of $512 million.
NEW YORK (AP) — Splashy advertisem*nts featuring football star Tom Brady and comedian Larry David were among the first evidence seen by jurors Wednesday as prosecutors launched a historic fraud case against cryptocurrency maven Sam Bankman-Fried, depicting him as a villain who portrayed himself as the Robin Hood of the ...
While some could recover as much as 142% of what they held, the vast majority are likely to receive 118%. The specific pay day is estimated to be months away. While the gains are unusual and impressive, the biggest winners in the FTX affair are those who trade bankruptcy claims.
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The seven-time Super Bowl winner is also a minority investor in the NFL's Las Vegas Raiders and the WNBA team the Las Vegas Aces, while also investing in the Las Vegas Night Owls, a Major League Pickleball club.
"Tom and I had a number of discussions about how Bill treated him," the Patriots owner said, as transcribed by The Athletic. "Tommy is very sensitive. He was always looking for Bill's approval, almost in a father-son kind of way. And that's not Bill's style ever to give that."
WASHINGTON (TND) — Former NFL superstar Tom Brady apparently lost millions of dollars when FTX -- the now-defunct cryptocurrency company -- went belly up.
Almost all customers of collapsed cryptocurrency exchange FTX will get their money back — and more, according to a court filing. FTX estimates that it owes creditors around $11.2 billion. FTX said that it has between $14.5 billion and $16.3 billion to distribute to creditors.
That means as FTX crumbled, Brady lost all of his money tied up with the company, which, according to The New York Times, included $30 million in company stock that FTX used to pay Brady for his services. FTX paid Bündchen $18 million in shares herself, so the couple lost $48 million total during the collapse.
When NFL legend Tom Brady left the field at the end of the final game of the 2022 season, he was the league's career leader in passing yards (89,214) and touchdowns (649). He also left with an estimated net worth of $512 million.
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