- Taylor Swift did sign a $100 million deal with FTX before her bankruptcy
- New information about the failed partnership between FTX and the pop star comes to light
- An earlier report suggested that the singer dropped the deal after inquiring about the exchange.
- However, it would have been the former CEO, Sam Bankman-Fried, who called off the deal.
Music star Taylor Swift failed to see the warning signs of now-bankrupt cryptocurrency exchange FTX when it agreed to a multi-million dollar settlement before its bankruptcy last year.
The award-winning singer would have been part of the list of celebrities and high-profile figures who once decided to partner with Sam Bankman-Fried’s company, according to recent reports.
Sources close to The New York Times revealed to The New York Times that Swift did approve a $100 million endorsement deal with the disgraced trade between March and June 2022, despite earlier reports suggesting the artist had walked out after performing. your own due diligence on the company.
A report published in December by the Financial Times revealed for the first time the deal in question, although it claimed that the deal had been canceled by Swift in the last stages of negotiation.
Public statements by the attorney for a class action lawsuit against FTX had also suggested Swift’s business acumen, as CoinDesk recalls. The expert had praised the artist’s due diligence efforts when he claimed that the singer had asked the exchange to explain why cryptocurrencies traded on her platform were not considered unregistered securities. This would have ultimately been what led her to reject the deal, according to her lawyer.
Swift did have intentions of partnering with FTX
However, the newly revealed information, which was also corroborated by CNBC, provides more detail on the matter and appears to contradict previous claims about the nature of the deal cancellation, alleging that it would have been FTX founder and by-then CEO Sam Bankman-Fried, who reportedly backed out of the deal.
According to reports, citing people familiar with the matter, the pop star had been discussing the deal with FTX for more than six months, which potentially included a tour sponsorship. However, the partnership never came to fruition, a decision that would have left Swift’s team frustrated and disappointed, two of the people said.
Earlier Financial Times reporting suggested that Bankman-Fried was the alliance’s biggest supporter due to his apparent fanaticism for the singer; however, not everyone in the company was on board with the move. In particular, several members of FTX ‘s marketing team were opposed to the deal with Swift and had urged the CEO to cancel the plans, according to that report.
The employees were opposed due to the high price of the operation and also reportedly doubted the ability of the singer’s image to add real value to FTX ‘s user base, the Financial Times added.
Taylor Swift’s management did not respond to a CoinDesk request for comment on this matter, and there have been no public statements from the singer on the matter yet.
Before its monumental collapse in November 2022, FTX was known for its million-dollar partnership efforts and celebrity deals, which included football star Tom Brady and supermodel Gisele Bündchen. The celebrity group is now facing a lawsuit in Florida, USA, for its endorsement of the company and having “misled investors“.
