News

Taylor Swift Was On FTX’s $100 Million Sponsor List

According to the Financial Times, Sam Bankman-FTX Fried was in the final stages of negotiating a sponsorship agreement worth more than $100 million with Taylor Swift, but discussions with the pop diva fell through only months before the exchange’s demise in November.

The conversations between FTX and Taylor Swift, as well as the nine-figure payment being discussed, highlight the crypto group’s ambition and reach prior to its bankruptcy last month. FTX has signed contracts with US football star Tom Brady, supermodel Gisele Bündchen, tennis sensation Naomi Osaka, and basketball star Shaquille O’Neal and Steph Curry.

The story also cites insiders who deny Taylor Swift would have agreed to an endorsement arrangement with the exchange.

“Taylor would not, and did not, agree to an endorsement deal. The discussion was around a potential tour sponsorship that did not happen.”

According to those familiar with the negotiations, the process also revealed FTX’s unconventional internal decision-making and disagreements between Bankman-inner Fried’s circle and more experienced executives brought in from outside.

Bankman-Fried, 30, originally supported the transaction, in part because he is a “fan of Tay Tay,” as one employee put it, Swift’s nickname. Former colleagues saw Claire Watanabe, a senior executive in FTX’s business development division, as a driving factor behind the pursuit of Taylor Swift, who was also a lover of her music.

Former FTX CEO is a big fan of Taylor Swift

Several members of the marketing team were opposed to the agreement. According to one person acquainted with the negotiations:

“No one really liked the deal. It was too expensive from the beginning, the price was very high . . . really fucking high. That’s front of the soccer jersey level prices”. 

Swift avoided association with FTX, which filed for Chapter 11 bankruptcy in Delaware last month, owing money to up to 1 million creditors and revealing a billion-dollar shortfall in client assets. Bankman-Fried has blamed the collapse on serious management failures, but he is being accused of misusing client funds, which he denies.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Bitcoin Trading Volume Skyrockets to $145 Billion as Retail Investors Return

Bitcoin trading volume has surged to an all-time high of $145 billion in the last…

1 hour ago

Italy Considers Reducing Proposed Italy Crypto Tax to 28%

Italy considers lowering its proposed Italy crypto tax increase to 28% from an initial 42%,…

5 hours ago

Bitcoin Spot ETF Inflows Reach $818M Amid 5-Day Positive Streak

Bitcoin Spot ETF Inflows Hit $818M as Net Inflow Streak Extends to 5 Days, with…

5 hours ago

Elon Musk Invests $200M in Trump, Treats Government Like X (Twitter)

Elon Musk applies his X (Twitter) management style to politics. His political strategies, including voter…

6 hours ago

PayPal Stablecoin PYUSD Now Available for Cross-Chain Trading via LayerZero

PayPal stablecoin PYUSD can now transfer seamlessly between Ethereum and Solana via LayerZero.

7 hours ago

New Department of Government Efficiency Will Be Led by Musk

President-elect Trump plans to establish the Department of Government Efficiency, led by Elon Musk and…

8 hours ago

This website uses cookies.