Get All Access for $5/mo

Taylor Swift, FTX Had a Massive Fallout Before Its Collapse, According to a New Report The singer narrowly escaped what could have been the loss of millions of dollars.

By Emily Rella

Key Takeaways

  • A new report suggests it was FTX, not Taylor Swift who axed a potential $100 million deal with the disgraced crypto exchange.
  • Swift's team has not yet commented on the report.

Opinions expressed by Entrepreneur contributors are their own.

The collapse of FTX affected dozens of celebrities and public figures who had invested in (and advertised for) the platform including Tom Brady, Kim Kardashian and Shaq.

Several of the influencers and celebrities involved with the company are being sued in a class-action lawsuit that's estimated to amount to up to $5 billion.

But one celebrity who reportedly remained unscathed was Taylor Swift — until now.

In a podcast appearance in April, Adam Moskowitz, an attorney involved in the class action suit, said Swift was interested in a massive deal with the platform but pulled out at the last minute after asking the right questions. "In our discovery, Taylor Swift actually asked them, 'Can you tell me that these are not unregistered securities?'" he said at the time.

Media outlets then called her a finance wiz. But now, new reporting from several outlets suggests Swift and her team actually did sign on to a $100 million deal to sponsor her Eras Tour, and FTX is the one that canceled the deal.

Taylor Swift performs onstage at Paycor Stadium (Getty Images)

Swift's proposed deal with FTX would have reportedly included using NFTs in her ticketing for the show, something that she and her team have been highly criticized over due to long wait times and exorbitant resale prices that have left many fans unable to attend her shows.

Related: Disgraced FTX Founder Sam Bankman-Fried Says Criminal Charges Were a 'Rush to Judgment.' Now He's Asking the Court to Dismiss Them.

The Eras Tour is estimated to gross an astounding $1 billion by its end, having already grossed roughly $300 million in the first 22 dates.

Per the New York Times, disgraced FTX founder Sam Bankman-Fried made the decision to drop Swift after nearly six months of working out a deal because of its hefty price tag and hesitation on behalf of Bankman-Fried's end. The report did not go into further detail about what precisely caused FTX to pull out.

Swift's team has not yet commented on the report.

Related: Who Is FTX Founder Sam Bankman-Fried and What Did He Do? Everything You Need to Know About the Disgraced Crypto King

Emily Rella

Senior News Writer

Emily Rella is a Senior News Writer at Entrepreneur.com. Previously, she was an editor at Verizon Media. Her coverage spans features, business, lifestyle, tech, entertainment, and lifestyle. She is a 2015 graduate of Boston College and a Ridgefield, CT native. Find her on Twitter at @EmilyKRella.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Business Solutions

Right Now, You Can Get More Than 310 Hours of IT Training for Just $50

Stay ahead in tech with the CompTIA Super Bundle.

Business News

Here's What the CPI Report Means for Your Wallet, According to JPMorgan and EY Experts

Most experts agree that there will be another rate cut next week.

Operations & Logistics

The Holidays Mean Vacation Time — But Disaster Can Still Strike. Is Your Crisis Plan Ready?

Holidays mean different working hours for companies and different schedules for employees that take off. Before you and your team enjoy some much deserved time off, it is important to put a crisis management plan in place so your business is ready to tackle any issue that crops up.

Starting a Business

How to Start a Freight Brokerage Business

Get your entrepreneurial destiny really moving by becoming a broker--matching shippers and transportation servicess--for the freight industry.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Business News

These Companies Offer the Best Work-Life Balance, According to Employees

The ranking is based on Glassdoor ratings and reviews.