In an surprising twist on the earth of celeb endorsements and cryptocurrency, it has been revealed that pop icon Taylor Swift had signed a whopping $100 million sponsorship cope with the now-defunct FTX crypto change. Nevertheless, the deal fell via, leaving the celebrity ‘annoyed and disenchanted,’ CNBC reviews.
Bankman-Fried’s Surprising Swift Partnership Rejection
A current report has supplied a recent perspective on the narrative that emerged in April about pop icon Taylor Swift’s affiliation with Sam Bankman-Fried’s failed crypto change, FTX.
Lawyer Adam Moskowitz, spearheading a class-action lawsuit in opposition to celebrities who endorsed FTX, said in a spring interview that Swift had withdrawn from a $100 million tour sponsorship settlement with FTX resulting from issues in regards to the unregistered securities standing of cryptocurrencies.
This assertion sparked a wave of headlines lauding Swift for avoiding the monetary quagmire that FTX become, with many attributing her astute determination to her father’s expertise in finance.
Nevertheless, a current report by the New York Occasions reveals that the “Unhealthy Blood” singer did certainly ink a $100 million cope with Bankman-Fried. It was Bankman-Fried who opted out, leaving Swift and her workforce feeling ‘annoyed and disenchanted.’
Moskowitz admitted to the Occasions this week that he was not aware of the detailed dynamics of Swift’s dealings with Bankman-Fried.
SBF Ignored Swift’s Deal For A number of Weeks
In a shocking revelation, a supply disclosed to CNBC that the signed settlement between Taylor Swift and FTX had been despatched to the inbox of the change’s founder, Sam Bankman-Fried. Nevertheless, it remained unanswered for a number of weeks. The supply additional revealed {that a} group of FTX executives ultimately persuaded Bankman-Fried to not proceed with the reported $100 million deal.
This narrative was corroborated by three different sources who spoke to The New York Occasions. They confirmed that Swift’s workforce had certainly signed the cope with FTX after six months of intense negotiations, just for Bankman-Fried to in the end pull the plug.
The person who shared these insights requested anonymity as a result of ongoing federal and chapter proceedings associated to FTX.
Whereas Swift fortunately prevented a possible catastrophe, quite a few different celebrities hopped on the FTX bandwagon. The listing of high-profile endorsers for the ill-fated change consists of NFL legend Tom Brady, supermodel Gisele Bündchen, tennis prodigy Naomi Osaka, NBA star Stephen Curry, retired baseball celebrity David “Massive Papi” Ortiz, and ‘Shark Tank’ investor Kevin O’Leary.
In November 2022, FTX sought safety via chapter submitting. Its founder, Bankman-Fried, is presently coping with a number of federal fees, together with fraud and violations of marketing campaign finance. Three different executives from FTX, particularly Gary Wang, Caroline Ellison, and Nishad Singh, have admitted guilt to a variety of federal fees and at the moment are aiding the federal government of their case in opposition to Bankman-Fried.