Swift Rejects Crypto Sponsorship: FTX’s Unregistered Securities Cause Concern

"Taylor Swift Refuses $100 Million Sponsorship Offer from Bankrupt Cryptocurrency Exchange Amid Securities Concerns"

Taylor Swift, the renowned pop icon and 12-time Grammy Award winner, reportedly declined a $100 million sponsorship offer from the now-bankrupt cryptocurrency exchange FTX due to concerns about unregistered securities. FTX is currently facing a class action lawsuit, and several FTX celebrity endorsers, including Shaquille O’Neal (Shaq), Tom Brady, and Larry David, are involved.

Swift, a famous singer-songwriter who has won 12 Grammy Awards from 46 nominations, apparently did her due diligence on FTX and turned down a sponsorship proposal from former FTX CEO Sam Bankman-Fried. FTX filed for Chapter 11 bankruptcy in November of last year. Adam Moskowitz, one of the attorneys leading a $5 million class-action lawsuit against 16 celebrity endorsers 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, in contrast to other celebrities who invested in FTX.

Moskowitz stated, “The one person I found that [talked to their lawyers] was Taylor Swift,” adding that during their discovery, Swift inquired, “Can you tell me that these are not unregistered securities?” Bankman-Fried, who is facing multiple fraud charges in the U.S., reportedly lobbied aggressively for a partnership with Swift. The partnership would have cost the bankrupt crypto company more than $100 million over three years.

Moskowitz, along with former Weinstein lawyer David Boies, filed a class-action lawsuit in Florida alleging that the crypto exchange’s celebrity endorsers promoted a “Ponzi scheme,” which impacted “thousands, if not millions, of consumers nationwide.” Shaquille O’Neal (also known as Shaq), Tom Brady, and Larry David are among the FTX celebrity promoters who are facing a class-action lawsuit filed by Moskowitz for endorsing sales of unregistered securities.

Tesla and Twitter CEO Elon Musk, who also turned down an offer from Bankman-Fried when the former FTX executive wanted to invest in Twitter, tweeted on Wednesday regarding how Swift avoided involvement with FTX. He stated, “I’m not surprised. Taylor is smart, and her father is a well-regarded 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 her father’s passion for his work on several occasions. Even at the young age of eight, when her peers aspired to become astronauts or ballerinas, Taylor wanted to follow in her father’s footsteps and become a financial adviser.

In conclusion, Taylor Swift, a well-known pop icon, declined a $100 million sponsorship offer from the bankrupt cryptocurrency exchange FTX due to concerns about unregistered securities. She did her due diligence and consulted with her lawyer before turning down the offer. Meanwhile, FTX is facing a class-action lawsuit, and several FTX celebrity endorsers are involved.

Martin Reid

Martin Reid

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