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A partnership value as a lot as $100 million was proposed between world pop star Taylor Swift and FTX, the now bankrupt cryptocurrency exchange, solely to be shelved by FTX founder Sam Bankman-Fried, according to sources cited by The New York Instances.

The potential deal, which included the opportunity of sponsoring Swift’s tour, was in negotiations for greater than six months earlier than Bankman-Fried determined to stroll away. The abrupt termination of the settlement left Swift’s staff each disillusioned and pissed off, in response to two people with data of the matter.

Opposite to earlier experiences, Swift had not rejected the deal herself. It had been beforehand advised that she performed her personal due diligence on the cryptocurrency agency, asking for proof that its cryptocurrencies weren’t unregistered securities. When information of this remark was revealed, it led to many praising Swift for her enterprise expertise.

The Monetary Instances reported in 2022, that “‘Taylor wouldn’t, and didn’t, comply with an endorsement deal. The dialogue was round a possible tour sponsorship that didn’t occur,’ the particular person stated.”

In truth, a authorized consultant who’s at present suing celebrities for endorsing FTX had beforehand applauded Swift’s diligence throughout The Block’s The Scoop podcast, alluding to her alleged rejection of the FTX deal. These narratives have been extensively accepted, positioning Swift as cautious and prudent in her enterprise dealings.

Nevertheless, the narrative was not completely correct. The pop star didn’t decline the sponsorship herself, however was as an alternative left within the lurch by Bankman-Fried’s surprising retraction. The New York Instances cited three sources stating:

“In actuality, Ms. Swift’s facet signed the sponsorship settlement with FTX after greater than six months of discussions […] and it was Mr. Bankman-Fried who pulled out.”

FTX’s withdrawal from the settlement was independently reported by CNBC, citing a supply acquainted with the problem:

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