Taylor Swift’s decision to forego an FTX sponsorship garnered praise. But Michael Lewis, author of the recent book “Going Infinite: The Rise and Fall of a New Tycoon,” contends that there’s more to the story. The book reveals fresh insights into the potential multi-million-dollar collaboration between Taylor Swift and FTX. It fell through last year following extensive negotiations.
Lewis corroborates earlier New York Times reports suggesting Swift’s team had indeed inked a deal with FTX, dispelling initial claims of her deft maneuvering. According to Lewis, this deal would have entailed an annual payment ranging between $25 to $30 million for Swift. However, it ultimately fell apart due to Bankman-Fried’s procrastination. Natalie Tien, a former FTX employee and Bankman-Fried’s personal scheduler, stated, “[Swift] wanted to do it. But, Sam kept postponing in response to her team.”
Additionally, another insider intimately involved in the negotiations asserted, “Taylor did not turn it down. They were waiting for Sam to sign it when he didn’t.”
Lawsuit Against Taylor Swift
When news of the failed tour-sponsorship agreement surfaced earlier this year, Swift was commended for her shrewd business acumen. However, Adam Moskowitz, a Florida attorney involved in a class-action lawsuit against celebrities and influencers who endorsed FTX. It indicated in an April podcast interview that Swift’s departure from the deal stemmed from concerns about unregistered securities. Moskowitz later clarified that he lacked inside information on the negotiations.
Subsequently, reports emerged that Swift hadn’t definitively terminated the deal. It was in fact former CEO Sam Bankman-Fried, whose trial recently commenced. He opted out after being influenced by a cohort of FTX executives, according to CNBC.
Now, it appears the dissolution of the agreement may be more attributed to SBF’s idiosyncratic behavior rather than either party’s business acumen. Lewis notes in his book that Bankman-Fried had a penchant for “ghosting”. He was prone to abruptly shifting priorities and could back out at the eleventh hour if he deemed something else a higher priority.
Consistent with this behavior, SBF opted out of attending the Met Gala at the last minute, to the disappointment of fashion luminary Anna Wintour. He also withdrew from a Time magazine event honoring the world’s 100 Most Influential People. Also, he was slated to deliver the keynote address.
In the lead-up to FTX’s collapse last year, the company heavily invested in advertising and celebrity endorsements. Within a few months, they secured naming rights to the Miami Heat’s home arena and struck deals with Major League Baseball and a Formula 1 team.
Conclusion
In summary, Taylor Swift’s decision to forego an FTX sponsorship was initially praised, but Michael Lewis’s book reveals that the deal’s collapse was primarily due to FTX CEO Sam Bankman-Fried’s procrastination and idiosyncratic behavior. Adam Moskowitz’s lawsuit raised concerns about unregistered securities but lacked inside information on the negotiations. This incident highlights the significant investments FTX made in advertising and celebrity endorsements before its subsequent collapse.
