Music megastar Taylor Swift approved a sponsorship deal with the now bankrupt crypto exchange FTX last year, despite previous reports that she had walked away after conducting her own due diligence on the firm, the New York Times reported on Thursday.
In the spring of 2022, the pop star discussed a deal with FTX worth as much as $100 million that potentially included sponsorship of a tour.
Swift signed the sponsorship agreement with FTX following more than six months of discussions but in the end, FTX founder Sam Bankman-Fried pulled out of the deal, according to the New York Times, citing three people with knowledge of the matter. The decision left Swift's team frustrated and disappointed, according to two of the people.
A lawyer suing celebrities who had endorsed FTX had previously said on a podcast that Swift had done due diligence the crypto exchange, asking it to prove that its cryptocurrencies were not unregistered securities, which led her to reject the deal. This led to multiple stories praising Swift’s business intelligence.
Taylor Swift's management did not immediately respond to a request for comment for this story.
News that FTX had pulled out of the deal was also reported by CNBC, quoting a source familiar with the matter.
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