Tuesday, 23 July 2024

Taylor Swift has a $100 million FTX agreement

Grammy-winning musician Taylor Swift signed a contract with the since-defunct cryptocurrency exchange FTX that is now estimated to be worth over $100 million. Swift sought legal counsel after being contacted by former CEO Sam Bankman-Fried, according to Adam Moskowitz, an attorney in a $5 million class-action lawsuit against 16 celebrity FTX endorsers.

Due to Moskowitz’s remark, Swift pulled out of the agreement. The New York Times, however, acknowledged that Moskowitz lacked inside knowledge of the negotiations between FTX and Swift.

FTX agreement

According to the New York Times, Swift rejected some promotion opportunities in favor of a tour sponsorship deal with FTX that was reached after more than six months of negotiations. Swift’s team was dissatisfied and displeased when Bankman-Fried abruptly pulled the plug.

Finally, a group of FTX officials convinced Bankman-Fried not to proceed with the rumored $100 million agreement, the article continued.

  • Taylor Swift signs a $100 million contract with FTX, seeking legal counsel in a lawsuit.
  • Swift rejects promotion opportunities for FTX tour sponsorship, dissatisfied with abrupt termination.
  • FTX executives plead guilty to offenses; relaunch global.

In November of last year, FTX sought protection from bankruptcy. Several counts of fraud and campaign finance violations are being brought against Bankman-Fried.

Gary Wang, Caroline Ellison, and Nishad Singh are three further FTX executives who have entered guilty pleas to a variety of offenses. The new FTX management is now working to relaunch the cryptocurrency exchange globally.

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