Taylor Swift Rejected Crypto Exchange FTX’s Sponsorship Offer Over Unregistered Securities Concerns – It has been reported that Taylor Swift, a well-known singer-songwriter with 12 Grammy Awards from 46 nominations to her name, conducted a thorough investigation into the now-bankrupt cryptocurrency exchange FTX and declined a sponsorship offer from former FTX CEO Sam Bankman-Fried. FTX filed for Chapter 11 bankruptcy in November of the previous year.
According to Adam Moskowitz, a leading attorney in a class-action lawsuit worth $5 million against 16 celebrity endorsers of FTX, during an episode of the Block’s Scoop podcast, Taylor Swift acted differently from other celebrities when approached by SBF. Moskowitz revealed that Swift consulted with her lawyer before investing in FTX, which is not the case with other celebrities. This information sheds light on how Swift takes her investments seriously and is careful about her financial decisions.
“The one person I found that talked to their lawyers was Taylor Swift,” Moskowitz shared, adding: “In our discovery, Taylor Swift actually asked them”: “Can you tell me that these are not unregistered securities?” Bankman-Fried, who is currently dealing with multiple fraud charges in the United States, allegedly made significant efforts to secure a partnership with Swift. As per reports, this partnership would have amounted to a cost of more than $100 million over a period of three years for the bankrupt cryptocurrency company.
This highlights Bankman-Fried’s aggressive lobbying tactics despite facing legal troubles, as well as the potential high cost of such a partnership. Describing FTX as a “pyramid scheme,” 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. Commenting on how Swift avoided involvement with FTX, 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 Wednesday: “I’m not surprised. Taylor is smart and her father is a well-regarded investment banker.”
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Taylor’s father, Scott Kingsley Swift, established the Swift Group, a financial advisory and wealth management group affiliated with Merrill Lynch, a Bank of America corporation. Taylor has frequently praised her father’s dedication to his profession. As early as the age of eight, while her peers had dreams of becoming astronauts or dancers, Taylor expressed interest in emulating her father’s career path and becoming a financial advisor.