Sam Bankman-Fried was reportedly pursuing a $100 million endorsement cope with pop star Taylor Swift.
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Disgraced FTX founder Sam Bankman-Fried got here near clinching a $100 million cope with Taylor Swift to sponsor her upcoming live performance tour, in response to a report.
Bankman-Fried’s cryptocurrency trade was within the closing levels of negotiations with Swift’s staff a few ticketing association that concerned digital certificates, or NFTs, in response to the Monetary Occasions.
FTX reportedly needed Swift to supply up “a light-weight diploma of endorsement” on social media. The singer, nonetheless, by no means severely thought of it, the FT reported.
“Taylor wouldn't, and didn't, comply with an endorsement deal,” a supply cited by FT mentioned. “The dialogue was round a possible tour sponsorship that didn't occur.”
The talks sparked fierce inner opposition amongst FTX higher-ups who thought that it was too costly. However Bankman-Fried reportedly pressed on as a result of he’s a “fan of Tay Tay,” in response to an FTX worker.
Bankman-Fried supported the endorsement deal, which was spearheaded by one in every of his high senior executives, Claire Watanabe, the FT reported.
However lots of the extra skilled fingers that Bankman-Fried employed to assist the advertising and marketing division thought that the worth tag was too steep and that such a deal wouldn't convey worth to the corporate.
“Nobody actually preferred the deal,” an individual acquainted with the talks informed FT. “It was too costly from the start.”
The supply cited by FT mentioned that the worth was “very excessive…actually f–king excessive.”
“That’s entrance of the soccer jersey stage costs.”
The talks have been initiated within the fall of 2021, however collapsed earlier this 12 months — simply months earlier than FTX sought Chapter 11 chapter safety and Bankman-Fried resigned as CEO.
In March, Swift will embark on her “Eras Tour” to help her new album, “Midnights.” Demand for tickets to her concert events was so excessive that it overwhelmed Ticketmaster’s servers, leaving followers who waited hours to buy ducats emptyhanded.
FTX imploded after it was discovered that the trade was utilizing buyer funds to cowl dangerous bets made by Alameda Analysis, an analytics agency that was additionally based by Bankman-Fried.
Bankman-Fried denied allegations that he misused consumer cash. He mentioned administration errors have been in charge for the agency’s collapse.
The pursuit of the Swift sponsorship highlighted Bankman-Fried’s need for celeb endorsements of his firm.
FTX counted Tremendous Bowl-winning quarterback Tom Brady, his supermodel ex-wife Gisele Bündchen, “Curb Your Enthusiasm” star Larry David, tennis champ Naomi Osaka, retired NBA legend Shaquille O’Neal, and others as celeb endorsers.
Within the wake of FTX’s gorgeous collapse, a number of lawsuits have been filed towards the big-name celebrities who're accused of duping retail buyers.
Bankman-Fried’s pursuit of glitzy endorsement offers included a 19-year, $135 million settlement for the naming rights to the world which hosts the Miami Warmth basketball staff.
Miami-Dade County, the proprietor of the world, now needs to take away the title.
Since Bankman-Fried’s fall from grace, a number of information experiences have surfaced about his profligate spending on the helm of the corporate.
FTX reportedly spent tons of of hundreds of thousands of dollars snapping up properties within the Bahamas, together with a $16 million dwelling that was listed beneath Bankman-Fried’s mother and father’ names.
FTX senior administration figures have been additionally given lavish perks comparable to free bi-weekly massages, DoorDash meals supply credit, Amazon deliveries by personal jet, and different goodies.
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