January 31, 2023

Pjnews

Today's News Headlines, Breaking News & Latest News from India and World, News from Politics, Sports, Business, Arts and Entertainment

FTX investors include IMG, Tom Brady, Robert Kraft

2 min read

Investors in failed cryptocurrency exchange FTX included Endeavor’s IMG Sports division, NFL quarterback Tom Brady and New England Patriots owner Robert Kraft, according to bankruptcy court documents.

FTX’s epic crash has made dozens of its investors’ holdings worthless. The company, which filed for Chapter 11 bankruptcy protection in November, has raised a total of $2 billion in capital, including a $400 million Series C round that closed in January 2022 at a $32 billion valuation. FTX at one time had a reported $50 billion in assets; It filed for bankruptcy when a run on deposits left it with an $8 billion asset shortfall.

On Monday, the US Bankruptcy Court for the District of Delaware released a list of equity holders of FTX and its affiliates (available at this link).

According to the filing, FTX, an entity, owned 163,000 shares of IMG Class A common stock and 38,154 shares of Class B preferred stock. Brady owns 1.14 million common shares and his ex-wife, Gisele B√ľndchen, owns 686,761 shares; Brady and Bundchen appeared in a 2021 ad promoting FTX. Kraft owns 479,000 shares of common stock and 155,144 shares of preferred stock in the FTX entity.

Major FTX shareholders include Dan Loeb’s Third Point, Paradigm, Sequoia Capital, Thoma Bravo, SoftBank and Coinbase, a crypto exchange competitor to FTX.

Former FTX CEO Sam Bankman-Fried was arrested in the Bahamas last month and extradited to the US, where he was charged with eight felony counts, including fraud and money laundering. Bankman-Fried pleaded not guilty to the charges. He was released on $250 million bond while awaiting trial.

Pictured above: FTX founder Sam Bankman-Fried leaves Manhattan Federal Court after his sentencing and bail hearing on December 22, 2022

Leave a Reply

Your email address will not be published. Required fields are marked *