Disgraced FTX boss Sam Bankman-Fried ‘pushed for a $100 million deal with Taylor Swift’ despite objections from his top advisers shortly before the company collapsed
- Bankman-Fried reportedly intended to strike a sponsorship deal with Swift
- The deal would have been worth $100 million for the hitmaker over three years
- The former CEO’s top advisers would be appalled by the proposed deal with Swift
- The proposal fell apart before FTX collapsed and filed for bankruptcy last month
Sam Bankman-Fried, the disgraced former CEO of crypto exchange FXT, reportedly pursued a massive sponsorship deal with Taylor Swift before the company collapsed.
Bankman-Fried insisted on moving forward with the deal, which would have earned Swift $100 million over three years, even as his top advisers urged him to reconsider, CNBC reported Wednesday, citing three people familiar with FTX.
The proposal apparently fell apart shortly before FTX, once valued at $32 billion, imploded last month and filed for bankruptcy amid allegations of misappropriation of client funds.
Representatives for Swift and Bankman-Fried did not immediately respond to DailyMail.com’s requests for comment.
Sam Bankman-Fried, the disgraced former CEO of crypto exchange FXT, reportedly pursued a massive sponsorship deal with Taylor Swift before the company collapsed
Bankman-Fried was reportedly adamant about pushing ahead with the deal, which would have earned Swift $100 million over three years, even as his top advisers urged him to reconsider
Prior to its downfall, FTX was well known for its celebrity partners, including endorsement deals with Tom Brady, Steph Curry, Shaquille O’Neal, and Larry David, among others.
Bankman-Fried also signed a 19-year, $135 million contract with the NBA’s Miami Heat for naming rights to the team’s arena.
“Partnerships were a more contentious and fringe area, I was initially supportive and eventually started to push back on new ones,” Bankman-Fried told CNBC, declining to comment on the Swift negotiations.
Meanwhile, Bankman-Fried has hired top white-collar defense attorney Mark S. Cohen to represent him in ongoing investigations into the cryptocurrency exchange’s sudden downfall.
Bankman-Fried, 30, who was once touted as a budding entrepreneur after high-profile celebrities backed his business, faces questioning by US and Bahamian authorities investigating whether he mishandled the funds , leading investors to lose billions of dollars last month and the company to file for bankruptcy.
He has now retained Cohen, of the law firm Cohen & Gresser, to represent him, Bankman-Fried spokesman Mark Botnick told Reuters, noting that David Mills, a professor at Stanford Law School, will consult on the matter.
Tom Brady and now his ex-wife Gisele Bundchen appeared in an FTX ad last year. They are named in a class action lawsuit that alleges the company’s collapse cost consumers $11 billion
Cohen, a former Assistant United States Attorney for the Eastern District of New York, made a name for himself when he recently defended British heiress Ghislaine Maxwell in her sex trafficking trial.
FTX secretly transferred client funds to its affiliate trading firm Alameda Research to fill a shortfall in the crypto trading firm, Reuters previously reported.
The Wall Street Journal previously reported that senior officials at FTX were aware that the crypto exchange tapped into client funds to help Alameda deal with its debts.
Speaking virtually at the New York Times Dealbook Summit with Andrew Ross Sorkin last week, Bankman-Fried said he did not knowingly mix client funds on FTX with funds from Alameda Research.
“I never tried to commit fraud,” Bankman-Fried said, adding that he didn’t believe he had any criminal liability.