Taylor Swift approved a sponsorship deal with the now-bankrupt crypto exchange FTX last year, despite reports that she had walked away after conducting her own due diligence on the firm, according to the New York Times. 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 FTX founder Sam Bankman-Fried ultimately pulled out of the deal, leaving Swift’s team frustrated and disappointed, according to two people with knowledge of the matter. A lawyer suing celebrities who had endorsed FTX had previously said on a podcast that Swift had done due diligence on the crypto exchange, asking it to prove that its cryptocurrencies were not unregistered securities, which led her to reject the deal.
News that FTX had pulled out of the deal was also reported by CNBC, quoting a source familiar with the matter. Taylor Swift’s management did not immediately respond to a request for comment for this story.