According to a source, disgraced FTX founder Sam Bankman-Fried came close to signing a $100 million sponsorship deal with Taylor Swift for her upcoming concert tour.
According to the Financial Times, Bankman-cryptocurrency Fried’s exchange was in the last stages of negotiations with Swift’s team regarding a ticketing agreement including digital certificates, or NFTs.
Swift was apparently asked by FTX to provide a “light endorsement” on social media. The singer never seriously considered it, the Financial Times reported.
Taylor did not agree to an endorsement contract, according to a source cited by FT. The discussion centered on a prospective tour sponsorship that never materialized.
The talks provoked significant internal criticism from FTX executives who believed it was too costly. Nevertheless, Bankman-Fried apparently persisted because he is a “Tay Tay enthusiast,” as stated by an FTX staffer.
According to reports, FTX requested that Swift promote the bitcoin exchange on social media.
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The Financial Times said that Bankman-Fried backed the endorsement agreement, which was spearheaded by one of his senior officials, Claire Watanabe.
However, many of the more experienced marketing department assistants that Bankman-Fried employed believed that the price tag was too high and that such a deal would not be beneficial to the company.
According to a source acquainted with the negotiations, “no one really liked the offer.” It was too pricey from the start.
According to the person mentioned by FT, the fee was “extremely exorbitant…really f–king high.”
That is the price for a soccer jersey’s front.
Following the spectacular collapse of FTX, officials are investigating Bankman-Fried.
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Initiated in the fall of 2021, the negotiations failed early this year, only months before FTX filed for Chapter 11 bankruptcy and Bankman-Fried resigned as CEO.
Swift will launch her “Eras Tour” in March to promote her new album, “Midnights.” The huge demand for tickets to her shows swamped Ticketmaster’s servers, leaving fans who waited for hours to purchase ducats without tickets.
FTX imploded after it was discovered that the exchange was utilizing user funds to cover speculative wagers made by Alameda Research, a firm created by Bankman-Fried.
Numerous marketing professionals at FTX were vehemently opposed to Swift’s support.
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Bankman-Fried refuted claims that he misappropriated customer funds. He stated that management failures were responsible for the company’s demise.
The pursuit of a Swift sponsorship demonstrated Bankman-thirst Fried’s for celebrity endorsements of his business.
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As celebrity endorsers, FTX included Super Bowl-winning quarterback Tom Brady, his supermodel ex-wife Gisele Bündchen, “Curb Your Enthusiasm” star Larry David, tennis champion Naomi Osaka, and retired NBA superstar Shaquille O’Neal, among others.
Several lawsuits have been brought against well-known celebrities who are suspected of defrauding retail investors in the wake of FTX’s shocking demise.
The pursuit of glamorous endorsement deals by Bankman-Fried includes a 19-year, $135 million agreement for the naming rights to the arena where the Miami Heat play basketball.
The owner of the arena, Miami-Dade County, wishes to erase the name.
Since Bankman-fall Fried’s from grace, numerous news articles have been published concerning his lavish spending while at the leadership of the business.
According to reports, FTX spent hundreds of millions of dollars purchasing properties in the Bahamas, including a $16 million house listed in the names of Bankman-parents. Fried’s
In addition to receiving lavish perks such as free biweekly massages, DoorDash food delivery credits, and Amazon deliveries by private jet, FTX’s upper management also received a variety of other luxuries.
»Sam Bankman-Fried almost financed a $100M Taylor Swift tour: “He is a Tay Tay fan”«