Why does the FTX crypto collapse also affect Tom Brady?

The quarterback has been facing one setback after another this season. First was his divorce from now ex-wife Gisele Bündchen, second is the position that the Tampa Bay Buccaneers find themselves in, and the third and most recent is the possibility of a financial setback that may arise out of his involvement in crypto. 

In the world of cryptocurrency, FTX has been one of the top crypto exchanges alongside Binance. The company led by Sam Bankman-Fried was once valued at $32 billion, but now the crypto giant has fallen hard and, due to the discrepancies in their financial statements combined with excessive debts, FTX is going under. 

In the last week, FTX attempted to raise funds from investors in order to meet its debt obligations. This did not work and CEO Bankman-Fried has been struggling to look for investors willing to pool in cash in the company.  

Competitor Binance, led by Chanpeng Zhao, announced intentions to acquire FTX and free it from its debt obligations. 

However, this plan quickly went south. Once Binance got access to the books of FTX, Zhao quickly reneged on the deal and this left FTX hanging in the balance. The company has finally been driven to declare Chapter 11 bankruptcy and CEO Sam Bankman-Fried has resigned from his role as CEO. 

But how does this affect Tom Brady and his ex-wife? Well because Tom and Gisele have filmed many ads for FTX and in exchange for doing them, he has taken up equity in the crypto company.

Tom Brady and Gisele Bündchen, received a stake in the company in 2021. The quarterback was named as the official brand ambassador, while Gisele was named as the company's environmental and social initiatives adviser. It is currently uncertain how much stake Brady has in FTX. Depending on that we can determine how much loss Tom will have to suffer in the coming days. 

Not only TB12 but multiple celebrities like Steph Curry, and Tennis star Naomi Osaka were also given an equity stake for their association with FTX. It will be interesting to see how this crypto collapse will impact their lives in the coming days.