Before its downfall, FTX executives offered $100 million to singer star Taylor Swift to support the exchange!
According to FT sources, Taylor Swift’s contract with FTX was set to expire in the spring, but the FT also quotes sources as saying that “Taylor did not want, and did not, agree to an endorsement deal.” The sources also pointed out to the FT that “the discussion was about potential sponsorship of a tour that did not happen.”
Testimony from former FTX employees also tells us that Sam Bankman-Fried, former CEO of the crypto trading platform, was a big fan of ‘Tay Tay’ (Taylor Swift) and reportedly strongly supported the signing of this endorsement deal for the international pop star’s “Eras” tour.
Claire Watanabe, a former business development manager at FTX and also a fan of Taylor Swift, is also said to have supported the signing of this exorbitant sponsorship contract.
One of the ideas behind the Taylor Swift tour sponsorship deal was to link concert tickets to the issuance of non-fungible tokens (NFT).
FTX, numerous partnership contracts with celebrities?
Within FTX, several marketing executives were opposed to the idea of sponsoring Taylor Swift, some believing that the amount of this sponsorship contract was “extremely high” or simply “outrageous”, according to testimonies quoted by the Financial Times in its article.
Revelations that illustrate the spending spree in which the CEO of FTX, Sam Bankman-Fried, accused of having embezzled billions of dollars belonging to customers of the crypto exchange.
As a reminder, FTX had signed numerous partnership contracts with celebrities such as Tom Brady, NBA basketball star Stephen Curry, NFL star Aaron Jones, Shaquille O’Neal, professional golfer Albane Valenzuela, or tennis player Naomi Osaka, who had become FTX brand ambassadors.
The FTX platform was also one of the sponsors of the Mercedes-AMG Petronas F1 team.
Not to mention the multi-million dollar Super Bowl ad purchased by FTX, the $210 million partnership with esports giant TSM, or the $135 million sponsorship of the FTX Arena, formerly the American Airlines Center!
FTX has also been in talks for $100 million in sponsorship deals with Liverpool and Manchester United soccer clubs, reports the financial media Bloomberg.
Now referred to as the “Bernie Madoff of cryptos” or “thief”, Sam Bankman-Fried is still at large in his luxury penthouse apartment in the Bahamas despite the mounting charges against him.