Taylor Swift, a pop icon and 12-time Grammy Award winner, reportedly turned down a $100 million endorsement offer from now-bankrupt cryptocurrency exchange FTX due to concerns about unregistered securities. Several celebrity endorsers of FTX are currently facing a class action lawsuit, including Shaquille O’Neal (Shaq), Tom Brady, and Larry David.
How Taylor Swift avoided partnering with FTX
Taylor Swift, a famed singer-songwriter who has won 12 Grammy Awards out of 46 nominations, reportedly did due diligence on now-bankrupt cryptocurrency exchange FTX, rejecting an endorsement proposal from former FTX CEO Sam Bankman-Fried. FTX filed for Chapter 11 bankruptcy in November of last year.
Adam Moskowitz, one of the lawyers leading a $5 million class action lawsuit against 16 celebrity backers of FTX, revealed during an episode of the Block’s Scoop podcast that Swift took the step of consulting with her lawyer when approached by SBF, unlike other celebrities. that she invested in FTX.
“The only person I found that (spoke to her lawyers) was Taylor Swift,” Moskowitz shared, adding:
In our discovery, Taylor Swift actually asked them, “Can you tell me these aren’t unrecorded values?”
Bankman-Fried, who is facing multiple fraud charges in the US, allegedly aggressively lobbied for a partnership with Swift. The partnership would have cost the bankrupt crypto company more than $100 million over three years.
Describing FTX as a “pyramid scheme,” Moskowitz, along with Weinstein’s former attorney David Boies, filed a class action lawsuit in Florida alleging that celebrity backers of the crypto exchange promoted a “Ponzi scheme,” which affected “thousands, if not millions, from consumers nationwide.” Shaquille O’Neal (aka Shaq), Tom Brady and Larry David are among the celebrity promoters of FTX facing a class action lawsuit brought by Moskowitz for endorsing sales of unregistered securities.
Commenting on how Swift avoided involvement with FTX, Tesla and Twitter CEO Elon Musk, who also refused an offer from Bankman-Fried when the former FTX executive wanted to invest in Twitter, he tweeted on Wednesday:
I’m not surprised. Taylor is smart and her father is a highly respected investment banker.
Scott Kingsley Swift, Taylor’s father, founded the Swift Group, a wealth management and financial advisory group that is part of Merrill Lynch, a Bank of America company. Taylor has expressed her admiration for his father’s passion for his work on several occasions. Even at the young age of eight, when her peers aspired to become astronauts or dancers, Taylor wanted to follow in her father’s footsteps and become a Financial Advisor.
What do you think about pop icon Taylor Swift being concerned about unregistered securities when approached by disgraced FTX co-founder Sam Bankman-Fried? Let us know in the comments section.
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