After ‘TB12 Store’ Debacle, Tom Brady Backed NFT Startup Laid off Almost 33% of the Workforce Amidst Concerning Financial Climate

It appears the NFL GOAT Tom Brady is failing to perform in the second phase as a few of his business ventures have taken a serious hit. The staggered cash flow and plunging market have created major losses to his wealth accumulation. Just days after the TB12 outlet closed down in Boston, news broke that the veteran’s NFT platform Autograph laid off around 33% of its workforce. This has raised many eyebrows, with fans questioning Brady’s financial constraints.

Recently, TB12 Wellness company shut down its operations in Boston. It was one of the first outlets in the country providing various facilities like massages and personal nutrition to its consumers. It became a subject of national discussion as to what was the reason behind this move. And now, an unexpected layoff has fuelled the speculations even more.

Brady backed Autograph is facing a financial crisis

Last December, the company engaged in a similar move by parting ways with a dozen of staffers. According to the data from LinkedIn, the platform had a workforce of 107 people, and after the previous layoff, almost 90 people still remain. A little while ago, another report emerged, claiming 33% were relieved by the company.

This layoff was reportedly because of the current market situation which hasn’t been good since the FTX crash. “Autograph is faced with the same market challenges as other leading technology companies that have reduced their staffing levels,” a spokeswoman wrote, per The Business Insider. “The company remains focused on building better products for fans with a strong and dedicated team,” the report added.

Autograph was founded in 2021 by Tom Brady, Richard Rosenblatt, and his son Dillon Rosenblatt in 2021. It focuses on selling the non-fungible tokens of stars like Naomi Osaka, Derek Jeter, Tiger Woods, and Wayne Gretzky. Two years ago, they raised $170 million in the second round and rolled out promising plans for the future. But recent developments have created more concerns for the overall operations of this company.

Tom Brady suffered huge losses in the crypto crash

The veteran’s huge wealth accumulation started dipping, ever since the FTX crypto exchange filed for bankruptcy last year. Tom had invested heavily in FTX along with his ex-wife, Gisele Bündchen, in hopes of high returns. Per multiple reports, he owned as many as 1 million in shares that were worth $92 million before the crash.

But everything vanished overnight, making it the biggest debacle of the 21st century. Although there haven’t been any official announcements of losses on Brady’s behalf, the setback was quite evident when the federal reports got published. As this is a developing story, readers can get more updates in the coming days.