They found out that Taylor Swift really fell into the FTX trap and got out of luck

FILE – Taylor Swift arrives at the 65th Annual Grammy Awards on Sunday, February 5, 2023 in Los Angeles. Photo: Jordan Strauss/Invision/AP, file

Taylor Swift hit the headlines in mid-April when it emerged that she was the only celebrity who refused to promote the failed cryptocurrency exchange FTX, an agreement the lawyer asked other promoters to compensate her with nearly $5,000 million.

As reported in December financial timesSam Bankman-Fried is in the “final stages of negotiations” with Taylor Swift for an endorsement deal worth more than $100 million, but talks with the pop star broke down just months before FTX imploded. In November.

The discussions included an agreement to issue concert tickets with digital certificates known as non-fungible tokens. FTX has already inked deals with soccer star Tom Brady and model Gisele Bundchen, as well as tennis player Naomi Osaka and basketball players Shaquille O’Neal and Steve Curry.

“In our investigation, we found that Taylor Swift asked them, ‘Can you tell me these are not unregistered securities? The Block digital asset information platform.

Calculation started

FTX is bankrupt and Bankman-Fried faces criminal charges of fraud, The New York Times reported Thursday, as a “humiliating accounting” unfolds against high-profile celebrities who were “quick to accept easy money.”

Eight months after the failure of FTX, New York times He also revealed that Taylor Swift had already signed the endorsement deal and that FTX executives were the ones who decided not to go through with it.

According to the site, which cites three people familiar with the agreement, the two parties negotiated for six months, “and Mr. Bankman-Fred walked away.” “A last-minute reversal left Swift’s team frustrated and disappointed,” said two sources.

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The news has been confirmed before CNBC Thus it belies the public messages about the nature of the failed FTX-Swift deal. A source familiar with the matter told the outlet that the deal was “signed and delivered to FTX founder Sam Bankman-Fried’s email inbox.”

The document sat in the inbox with no response for a few weeks, the source said, adding that a group of FTX executives eventually convinced Bankman-Fried not to go ahead.

The person familiar with the matter asked not to be identified due to ongoing federal and bankruptcy proceedings.

Cryptocurrency entrepreneur Sam Bankman-Fred leaves Manhattan federal court on bail in New York City on Thursday, December 22, 2022. Bankman-Fred is accused of defrauding investors and looting customer deposits on his FTX trading platform.  (AP Photo/Ted Chaffery)

Sam Bankman-Fried is released on bail from Manhattan federal court in New York City on Thursday, Dec. 22, 2022. AP Photo/Ted Shaffrey

FTX filed for bankruptcy in November 2022. Bankman-Fried faces multiple federal charges, including fraud and campaign finance violations.

Three other FTX executives, Gary Wang, Caroline Ellison and Nashad Singh, have pleaded guilty to various federal charges and are cooperating with the government’s prosecution of Bankman Fried.

Taylor Swift net worth

Taylor Swift manages a net worth of $570 million, has won 12 Grammy Awards, and over 3.5 million registered fans on her pre-sale tour in the US alone this year.

Elite investor Boaz Weinstein, a self-confessed “fast” and founder of the $4.3 billion hedge fund Saba Capital Management, joked in May that the singer’s investment savvy is another reason for her massive appeal.

Weinstein revealed on Twitter that Taylor Swift invests her wealth in closed-end, discounted funds. “You might think I’m joking,” he said from a concert by the singer in Philadelphia, “but your dad, Scott, told me!”

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The father of the pop star, Scott Swift, used to work for money manager Merrill Lynch.

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Myrtle Frost

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