Tom Brady, Gisele Bundchen among FTX shareholders facing wipeout
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Tom Brady and his ex-wife, supermodel Gisele Bundchen, owns more than 1.1 million and 680,000 shares respectively.
PHOTO: AFP
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New York – Billionaire Robert Kraft, owner of the New England Patriots, and National Football League star quarterback Tom Brady are among those sharing in the pain of FTX Group’s sudden implosion.
Mr Brady, formerly a prominent FTX booster, owns more than 1.1 million common shares of FTX Trading, bankruptcy court documents show.
His former wife, supermodel Gisele Bundchen, has more than 680,000 shares in the same cryptocurrency company.
Around this time last year, FTX Trading raised US$400 million (S$533 million), valuing the company at US$32 billion and making founder Sam Bankman-Fried one of the world’s richest people. He is now set to face trial in October.
Meanwhile, KPC Venture Capital, an entity linked to Kraft Group, holds more than 110,000 Series B preferred shares in FTX Trading, the entity that owns its main crypto exchange, according to the court papers.
It also owns 479,000 Class A common shares and 43,545 Series A preferred shares in West Realm Shires, the unit that owns the company’s US-based exchange.
The value of the investments could not immediately be learnt, but they are assumed to be practically worthless.
Stockholders of bankrupt companies rarely recover any of their money because US law requires that creditors be repaid in order of priority, and stockholders are last in line, below those with direct claims on a company’s assets – customers and suppliers.
“At the end of the day, we’re not going to be able to recover all of the losses here,” Mr John J. Ray III, who is handling FTX’s restructuring, said in December.
Representatives for Mr Brady and Kraft Group did not immediately respond to requests for comment.
Mr Brady is among a group of Wall Street and Silicon Valley elite who were stuck with FTX shares, including Tiger Global Management, the Ontario Teachers’ Pension Plan and Sequoia Capital, according to the documents.
Other shareholders include trusts and entities tied to billionaire Paul Tudor Jones, the family office of Mr Dan Och and Mr Dan Loeb of Third Point. A trust tied to tech titan Peter Thiel is also listed. BLOOMBERG
