Sam Bankman-Fried allegedly spent $55 million on FTX ads featuring Tom Brady.
OAN’s James Meyers
1:15 PM – Tuesday, October 3, 2023
A groundbreaking report has revealed that FTX founder Sam Bankman-Fried paid former New England Patriots quarterback Tom Brady a staggering $55 million for just 60 hours of work.
During a recent episode of the highly acclaimed show “60 Minutes” on CBS, author Michael Lewis shared intriguing details from his new book about Bankman-Fried, titled “Going Infinite: The Rise and Fall of a New Tycoon.”
According to Lewis, he came across internal marketing documents from FTX that showcased substantial payments made to various celebrities.
“He paid Tom Brady $55 million for 20 hours a year for three years,” Lewis revealed. “He paid Steph Curry $35 million for the same arrangement over three years.”
According to Lewis, these payments were made in exchange for advertising and endorsements.
Out of all the celebrities, Brady received the largest payment, as he appeared in several commercials for FTX between 2021 and 2022.
“He paid Tom Brady $55 million for 20 hours [of work] a year for three years,” Lewis revealed during his interview with “60 Minutes.”
Interestingly, Lewis claimed that Bankman-Fried and Brady had a genuine liking for each other.
“I think Tom Brady thought he was just a really interesting person. I think he liked to hear what he had to say,” Lewis explained. “And he really liked Tom Brady. And Sam wasn’t, like, a big sports person. So it was funny to watch that interaction. It was like, ‘These two people actually get along.’ It’s like the class nerd and the quarterback.”
This revelation comes amidst ongoing legal troubles for Bankman-Fried, who has been accused of defrauding investors. He was arrested last December on federal charges including wire fraud, securities law violations, money laundering, and other financial crimes.
Bankman-Fried’s trial is set to begin on Tuesday in a Manhattan federal courtroom, and he could potentially face up to 110 years in prison.
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In light of the legal challenges FTX is currently facing, including investigations into potential market manipulation, what impact do these revelations about endorsement deals have on the integrity of FTX as a platform and the motivations behind such partnerships
Fried and his cryptocurrency exchange, FTX. The company has faced scrutiny from regulators and has been the subject of investigations related to potential market manipulation.
The revelation of Bankman-Fried’s lavish payments to celebrities like Tom Brady and Steph Curry has raised questions about the ethics and transparency of such arrangements. Critics argue that these endorsement deals may give the impression of legitimacy and credibility to FTX, without providing any real value to the consumers or the crypto industry as a whole.
It is not uncommon for companies to engage in celebrity endorsements as a marketing strategy. However, the magnitude of these payments, particularly in the case of Brady, raises eyebrows. The fact that Brady received $55 million for just 60 hours of work over three years suggests that there may be more to these deals than meets the eye.
The payments made to Brady and Curry were reportedly for advertising and endorsement purposes, with Brady appearing in multiple commercials for FTX during 2021 and 2022. The idea of using celebrities to promote a brand is to capitalize on their fame and influence to attract customers. However, it is debatable whether these endorsements actually provide any genuine value to the consumers or if they simply serve to bolster the image of the company.
What is interesting about this revelation is the apparent mutual liking between Bankman-Fried and Brady. According to author Michael Lewis, Brady found Bankman-Fried to be an interesting person and enjoyed hearing what he had to say. This unlikely friendship between a successful athlete and a crypto tycoon adds another layer of intrigue to the story.
In the midst of these revelations, FTX continues to face legal challenges. The company has been under investigation for potential market manipulation and is also dealing with regulatory concerns. These legal troubles, in combination with the extravagant endorsement deals, raise questions about the integrity of FTX as a platform and the motivations behind such partnerships.
Overall, this report sheds light on the questionable practices of FTX and the crypto industry as a whole. The use of celebrity endorsements may provide temporary visibility and credibility, but it raises concerns about transparency and the true value offered to consumers. As the crypto industry continues to evolve and face regulatory scrutiny, it is crucial for companies to prioritize transparency, integrity, and genuine value in their operations and partnerships.
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