Taylor Swift FTX deal is not happening. A Sam Bankman-Fried FTX deal with Taylor Swift was being negotiated but Taylor Swift sponsorship cancellation happened at the last minute by then CEO, Sam Bankman-Fried (SBF) contradicting earlier claims of “All Too Well” singer that it was her business acumen that scuttled the deal with FTX.
Taylor Swift partnership with FTX
Taylor Swift FTX partnership was negotiated by Swift’s representatives and FTX about a tour sponsorship agreement in the spring of last year that could have netted the pop star as much as $100 million, according to The New York Times.
After six months of talks, Swift’s representatives signed a sponsorship agreement, The Times reported.
Sam Bankman-Fried FTX deal with Swift was initiated by him as he was a “fan of Tay Tay” who initially pursued the Taylor Swift FTX deal, ended up pulling the plug, according to The Times.
The reversal of Sam Bankman-Fried FTX deal frustrated Swift’s representatives, The Times reported.
The Post has sought comment from Swift’s representatives.
Bankman-Fried, who goes on trial this fall, declined comment.
Taylor Swift sponsorship cancellation
The Times report appears to refute earlier claims that Taylor Swift partnership with FTX was rejected by her after doing her due diligence on FTX which imploded last November after it was learned customer funds were used to cover risky bets made by sister hedge fund Alameda Research.
The nature of the agreement, previously reported by The New York Times on Thursday, contradicts public messaging about the nature of the failed Taylor Swift FTX deal. Public statements by a class-action attorney lauded Swift’s due diligence efforts and said that the artist asked the exchange to explain why its listed assets were not considered unregistered securities.
“FTX wanted Taylor to endorse them by doing commercials, interviews and promotional events on their behalf like other celebrities were doing at that time but she would not agree to endorse FTX,” a person familiar with the situation but wanted to be anonymous told The Post on Thursday.
“Negotiations were narrowed down to a tour sponsorship deal,” the source said. “That’s why the deal was never finalized.” Leading to the cancellation of Taylor Swift partnership with FTX.
Taylor Swift FTX deal actually did happen where in Taylor Swift FTX partnership was signed and agreed on after months of discussion before executives at FTX decided on Taylor Swift sponsorship cancellation, a person familiar with the matter told CNBC.
The Financial Times had reported last December that several people in Bankman-Fried’s inner circle wanted the Taylor Swift sponsorship cancellation to happen and were urging him to do so because of the steep price tag.
But Bankman-Fried supported the endorsement deal, which was spearheaded by one of his top senior executives, Claire Watanabe, the FT reported.
The signed agreement was sent to FTX founder Sam Bankman-Fried’s email inbox, where it remained unanswered for a period of a few weeks, the person told CNBC, adding that ultimately, a group of FTX executives persuaded Bankman-Fried for Taylor Swift sponsorship cancellation of the reported $100 million deal.
However, a source cited in the FT article said, “Taylor would not, and did not, agree to an endorsement deal.”
“The discussion was around a potential tour sponsorship that did not happen.”
Swift, whose large-scale multi-stadium Eras Tour is expected to rake in a record $1 billion, appears to have dodged a bullet.
Three other sources familiar with the matter told The New York Times that Swift’s team signed the Sam Bankman-Fried FTX deal after six months of negotiations, and that Bankman-Fried ultimately pulled the plug.
Sam Bankman-Fried FTX deal
Other celebrities who entered into partnerships with FTX, including Tom Brady, his supermodel ex-wife Gisele Bündchen, “Curb Your Enthusiasm” star Larry David, and retired NBA legend Shaquille O’Neal, have been named in several lawsuits alleging they duped retail investors.
The Times report states that Brady lost some $30 million after he was given a stake in the company while Bündchen lost $18 million.
Sam Bankman-Fried FTX bankruptcy
Sam Bankman-Fried FTX bankruptcy was filed in November 2022. Bankman-Fried faces multiple federal charges, including fraud and campaign finance violations. Founder and then CEO SBF also resigned from his position following the filing. Before bankruptcy, FTX was the second largest cryptocurrency exchange after Binance.
