Swift Thinking – Taylor Swift’s No Deal With FTX
One of the main reasons why we need regulations in crypto is because of events like the FTX collapse and eventual scandal, which everyone is all too familiar with now. Guilt by association is truly a real thing in the world, and this is ever so prevalent in the business world when it comes to sponsorships and brand deals. Those who were linked with FTX are now facing nasty legal battles, the biggest names including Tom Brady, Steph Curry, and Kevin O’Leary.
When these sponsorship deals were made, FTX sure looked like a great investment, but one celebrity did their due diligence before deciding on the deal: Taylor Swift. Swift, who is currently on her record-breaking Eras Tour, was reportedly offered a $100 million sponsorship deal from the defunct crypto company. Smartly, she declined the offer as she was the only one who asked if the company offered unregistered securities or not, doing her due diligence and therefore declining the deal according to the lawyer suing Brady and Curry, among others. It sure helps that Swift’s father worked for Merrill Lynch, meaning financial knowledge runs in the family blood. This deal would have involved Swift selling tickets as NFTs among other things, but there was disinterest on both sides as FTX employees felt the deal was too expensive. If FTX was a legitimate business that had no wrongdoing, there is a chance Swift might have taken the deal and the company would have benefited heavily, but Swift is the only one laughing right now. Make sure you do your due diligence and make smart financial decisions like Taylor Swift did!
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I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.