Oh, have the (falsely labeled) mighty have fallen. FTX was riding so high a few months ago, on top of the crypto wave with money to burn.
Super Bowl commercial with Larry David? “Pretty, pretty, pretty bad idea.”
How about buying the naming rights for the NBA’s Miami Heat arena?
Oh, yeah, sounds great at the time. Now? Just another idiotic move by the former CEO, who’s gone from having pseudo-billionaire status to an embarrassing cautionary tale in a matter of days.
Sam Mankman-Fried’s net worth peaked at $26 billion and was $10,5 billion last month. Now he might have to borrow money to get a haircut. He resigned this week.
Let’s look at the whole naming rights thing for the Heat. The Heat and Miami-Dade County told FTX to pound bricks after they filed for bankruptcy. The team and county collaborated on a statement that said the meltdown of FTX is “extremely disappointing.’
You think?
When the curly-haired boy wonder was flying high, he brokered the 19-year deal for $135 million to secure the naming rights in June of 2021.
FTX also bought the rights to be the official cryptocurrency exchange for Major League Baseball — the entire league.
Wait, there’s more — the University of California, Berkley, signed a 10-year $17.5 naming rights deal with FTX. They will also have to hire a crane to get those letters off their stadium.
Here’s something to keep an eye on – the Los Angeles Lakers play their games in Crypto.com Arena.
For now, anyway.
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