Taylor Swift is a world-renowned pop star known for her catchy music, relatable lyrics, and charming performances and has released ten original studio albums, each showcasing her growth as an artist and her ability to connect with audiences on a personal level.
Recently, the 33-year-old reportedly turned down a $100 million offer from FTX cryptocurrency and avoided being sued. With this decision, she separates herself from other well-known figures like Shaquille O’Neal and Tom Brady who have embraced the unregistered securities.
Swift’s decision to reject the lucrative offer is reflective of her careful consideration of business deals and her desire to maintain her independence and artistic integrity.
Taylor Swift Turns Down $100 Million Offer
Taylor Swift has once again made headlines, this time for her decision to reject a $100 million sponsorship deal with FTX cryptocurrency. Swift was the only famous person to criticize the cryptocurrency exchange, according to a Business Insider report. The transfer is currently the subject of a group lawsuit being led by South Florida attorney Adam Moskowitz.
Popular Songwriter, Taylor Swift
Moskowitz alleges that various A-lister celebrities failed to perform their due diligence before endorsing digital and TV ads for FTX. However, in his investigation, Moskowitz found that Swift asked FTX to verify that they were not promoting unregistered securities before signing any deal. He explained,
“The only person I found who did that was Taylor Swift. In our investigation, we found that Taylor Swift asked them, ‘Can you tell me that these are not unregistered securities?’.”
This move by Singer highlights the importance of performing due diligence before signing on with any company, especially in the volatile and constantly changing world of cryptocurrency. Attorney hopes that other celebrities and influencers will take note and be more careful in promoting cryptocurrency companies in the future.
With the ongoing legal issues surrounding FTX, it appears that the Anti-Hero performer’s decision to reject the sponsorship deal was a wise one, even the CEO of Twitter praised the songwriter for her decision. He shared.
“I’m not surprised. Taylor is smart and her father is a well-regarded investment banker.”
FTX, which experienced massive customer withdrawals last November, and founder and CEO, Sam Bankman-Fried is also facing legal troubles, with its criminal charges including securities fraud, money laundering, and bribery. The company has since recovered over $7.3 billion in cash and liquid cryptocurrencies, according to news agencies.
Moskowitz’s lawsuit seeks over a billion from FTX’s celebrity endorsers, including Shaquille O’Neal, Tom Brady, and Larry David, for promoting unregistered securities.
Shaquille O’Neal And Tom Brady Facing A Lawsuit Including The A-lister Celebrities
Superstar athletes, O’Neal and Brady are facing a massive $5 billion lawsuit alongside other A-list celebrities for allegedly promoting unregistered securities through digital and TV ads for failed cryptocurrency exchange FTX.
Shaquille O’Neal And Tom Brady Facing Lawsuit
According to the complaint, FTX’s clients were purchasing and selling “unregistered securities,” which are subject to SEC regulation, and the company’s celebrity endorsers were required to disclose the specifics of their financial affairs with FTX.
While former FTX CEO Sam Bankman-Fried was charged with multiple counts of wire fraud and money laundering of customer funds for risky investments and campaign contributions, at least 11 celebrity endorsers, including supermodel Gisele Bundchen, NBA star Stephen Curry, tennis expert Naomi Osaka, former baseball superstar David Ortiz, and Shark Tank’s Kevin O’Leary, have been implicated for appearing in paid advertising campaigns and endorsing the exchange.
The complaint alleges that these celebrities violated Florida securities and consumer-protection laws by failing to provide specific information on their financial arrangement with FTX and not doing the proper investigation before promoting the company.
In one ad campaign for FTX, Brady and his ex-wife Bundchen were featured as enthusiastic and he also called up friends telling them, “Crypto. FTX. You in?” again and again.
The lawsuit highlights the value of doing proper investigation and points out that the presently FTX commercial that stated “Stephen Curry is not a crypto specialist” was factual.
