- Taylor Swift turned down a $100 million deal to promote FTX
- The singer didn’t get assurances that the exchange didn’t sell unregistered securities
- Several other celebrities are caught up in a class action lawsuit
Taylor Swift turned down a $100 million deal to promote FTX after the exchange couldn’t satisfy her that it didn’t sell unregistered securities. The news emerged during an episode of The Block’s Scoop podcast in which Adam Moskowitz, one of the attorneys leading a $5 million class-action lawsuit against 16 celebrities who did accept the FTX dollar, revealed that the singer’s due diligence led her to stay away where others accepted.
Swift Asked Lawyers for Advice
Moskowitz is one of a number of law firms now involved in class action litigation against FTX, and he told host Frank Chaparro that, where others took the payday and are now being sued as a result, Swift was cannier. When FTX approached her, the singer spoke to her lawyers who advised her to get guarantees that she would not potentially be on the hook for selling unlicensed securities.
Swift and her lawyers clearly didn’t get the reassurances they were after and she never put pen to paper, unlike a handful of others, including Tom Brady, Gisele Bündchen, Steph Curry and Larry David.
“Ponzi Scheme”
Moskowitz, who filed a class-action lawsuit in Florida against the celebrities, described FTX as a “pyramid scheme” and accused the celebrities of promoting a “Ponzi scheme” that impacted “thousands, if not millions, of consumers nationwide.”
Swift’s financial acumen is perhaps not surprising – her father, Scott Kingsley Swift, founded the Swift Group, a wealth management and financial advisory group that is part of Merrill Lynch.
Clearly, financial smarts run in the family.
