Report: Tom Brady Lost $30M in FTX Collapse After Accepting Stock in Endorsement Deal

Retired NFL legend Tom Brady's investment in FTX cost him a lot of money when the cryptocurrency exchange company filed for bankruptcy in November.

Per Erin Griffith and David Yaffe-Bellany of the New York Times, Brady's endorsement agreement paid him $30 million that "consisted almost entirely" of stock in the company.

FTX filed for bankruptcy on Nov. 11, 2022, with Sam Bankman-Fried stepping down as CEO the same day. Attorney John J. Ray III succeeded Bankman-Fried as the company's CEO.

Per MacKenzie Sigalos of CNBC, FTX's bankruptcy filing indicated it had more than 100,000 creditors, assets in the range of $10 billion to $50 billion, and liabilities in the range of $10 billion to $50 billion.

Brady signed on as an ambassador with FTX in June 2021 in a deal that gave him an equity stake in the company and unspecified amount of cryptocurrency.

"This particular opportunity showed us the importance of educating people about the power of crypto while simultaneously giving back to our communities and planet," Brady said when the agreement was announced. "We have the chance to create something really special here, and I can't wait to see what we're able to do together."

In the wake of FTX's bankruptcy filing, Brady was among a large group of celebrities facing a lawsuit for allegedly violating Florida securities and consumer-protection laws for failing to provide specific information about their financial arrangement with the crypto company and not doing the requisite due diligence before promoting the company.

In January, Kevin George of Investopedia.com noted bankruptcy documents filed in court showed Brady owned more than 1.1 million common shares of FTX trading and lost his entire investment when the company collapsed.

Brady announced his retirement from the NFL on Feb. 1 after 23 seasons.

The seven-time Super Bowl champion signed a 10-year, $375 million deal with Fox Sports in May 2022 to join their NFL broadcast team. He has said he intends to start working for the network in the fall of 2024.