Connect with us




Tech

FTX bankruptcy documents show list of investors set to be completely wiped out, including Tom Brady and Robert Kraft

Published

on

The spectacular implosion of FTX has led to big investment losses for the football star Tom Brady, the New England Patriots owner Robert Kraft, and the fashion model Gisele Bündchen.

As part of its bankruptcy process, FTX Monday released a list of its top equity holders, detailing just how many investors were set to be wiped out from the downfall of the crypto exchange.

The document showed Brady, who was a brand ambassador for FTX and appeared in a commercial for the company, owned just over 1.1 million common shares of FTX. Meanwhile, Bündchen, Brady’s ex-wife, owns just under 700,000 common shares of FTX.

The billionaire Robert Kraft, who owns the New England Patriots NFL team, was also listed in the FTX bankruptcy document. Through KPC Venture Capital, Kraft owns over 110,000 Series B preferred shares of FTX Trading, as well as 479,000 common shares and about 44,000 Series A preferred shares of West Realm Shires, the company that controls FTX’s US exchange.

Advertisement
READ ALSO:   Pelosi caps historic run with Zelensky address and a focus on democracy

Other investors on FTX’s equity-holder list were elite Wall Street hedge funds and growth investors, according to the bankruptcy document.

Well-known funds run by Tiger Global, Thoma Bravo, Sequoia Capital, SkyBridge, and Third Point, among others, were listed as owning millions of both common and preferred shares of FTX.

Those investments are now virtually worthless, representing a steep fall from FTX’s peak valuation of about $32 billion. During typical bankruptcy proceedings, only bond holders are able to recoup some of their losses, while equity investors are usually wiped out.

John Ray III, the new FTX CEO who is handling the company’s restructuring, said last month, “At the end of the day, we’re not going to be able to recover all of the losses here.”

Advertisement
READ ALSO:   Elon Musk' Girlfriend Disrupts Social Media, Goes Topless With Strange Tatoo(Picture)

And those losses don’t necessarily mean just investor losses. They could also affect the money lost by FTX customers who deposited their cash on the platform. It turns out that those funds were not sitting on the FTX platform but were instead being transferred to FTX’s sister crypto-trading firm, Alameda Research.

Read the original article on Business Insider

Advertisement

Also Read...