- A new report claims the former CEO of FTX was the one who dumped a collaboration deal with Taylor Swift.
- The deal was to become a tour sponsorship deal and was valued at $100 million.
The popular singer and songwriter – Taylor Swift – is once again in the spotlight in the crypto space. And according to the latest report, an insider claimed that the singer had indeed agreed to a partnership deal with FTX – the now-defunct crypto exchange.
It was previously reported that Swift had turned down an endorsement deal and instead held discussions about a potential tour sponsorship deal.
The insider story of the FTX-Swift Deal
Moreover, this even led to headlines about Swift not signing the deal due to questions about FTX’s due diligence in not disclosing security tokens. Well, a new one report by CNBC denies the claims. The report stated that Swift had signed a sponsorship deal with FTX and it was sent to the then CEO – Sam Bankman-Fried (SBF).
However, SBF dropped the deal after weeks, negating the efforts of the six-month negotiations. The report also claimed that SBF’s decision was influenced by a group of executives.
Then a previous one report stated by the Financial Times that the deal was also not favored by the company’s marketing department. And the opposition list even included Brett Harrison, former president of the US FTX, and Ryne Miller, US general adviser.
The main reason was the cost of the deal, which was estimated to be as much as $100 million. In addition, doubts were expressed about the added value of the deal for the company’s user base. This was mainly because the intent of the ad was to reach potential cryptocurrency traders.
Even though Swift appeared to be signing a partnership deal with FTX, not going ahead still worked to her advantage. 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 football player – 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.
