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Did SBF dump Taylor Swift’s $100 million sponsorship deal? Details inside…
Reportedly, crypto exchange FTX turned down a $100 million worth sponsorship deal with singer Taylor Swift. However, the deal not going through worked in favor of Swift as celebrities that promoted FTX were sued later on.
- A new report claims that the former FTX CEO was the one to dump a partnership deal with Taylor Swift.
- The deal was set to be a tour sponsorship deal and was valued at $100 million.
Popular singer and songwriter – Taylor Swift – has once again hit the spotlight in the crypto space. And according to the latest report, an insider claimed that the singer had, in fact, agreed to a partnership deal with FTX – the now-defunct crypto exchange.
It was earlier reported that Swift had turned down an endorsement deal and held discussions on a potential tour sponsorship deal instead.
The insider story of the FTX-Swift Deal
Moreover, this even sparked headlines about Swift not signing the deal over questions of FTX’s due diligence on not listing security tokens. However, a new report by CNBC dismisses the claims. The report stated that Swift had signed a sponsorship agreement with FTX and it had been sent to the then CEO – Sam Bankman-Fried (SBF).
However, SBF dropped the deal after weeks, quashing the efforts put in the six-month-long negotiations. The report also claimed that SBF’s decision was influenced by a group of executives.
Subsequently, a previous report by the Financial Times stated that the deal was also not favored by the marketing department of the company. And, the opposition list even included Brett Harrison – former US FTX President, and Ryne Miller – US general counsel.
The main reason was the cost of the deal, which was valued at a whopping $100 million. Moreover, doubts were raised about the deal adding any value to the company’s user base. This was mainly because the agenda of the advertisement was to reach would-be cryptocurrency traders.
While Swift did seem to sign a partnership deal with FTX, it not going through still worked in her favor. Other celebrities who did jump on the FTX endorsement deals were sued after the exchange went bankrupt in November 2022
. American comedian – Larry David, American footballer – Tom Brady, and basketball player – Stephen Curry were all part of the lawsuit.The list also included former basketball player – Shaquille O’Neal and Tennis player – Naomi Osaka.
