$70,000,000, that is how much NFL legend Tom Brady and his ex-wife Gisele Bundchen reportedly lost when the cryptocurrency exchange firm FTX collapsed. As shocking as it is, Brady is not the first NFL player to lose massive sums of money. Though $70 million may not be the end of the world for Brady, there were many for whom a similar amount spelled disaster. One such player was former Steelers’ Dermontti Dawson.
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The Former Steelers’ center was one of the best players during his time, making it to the First Team All-Pro for six years in a row. He was also part of 7 Pro Bowls and was inducted into the Steelers Hall of Honor and the Pro Football Hall of Fame. Though he earned a good amount in his career, he lost it all when the US was hit with a serious economic problem in 2008: the housing market crash.
Dermontti Dawson lost everything when the housing market crashed in 2008
The US housing crash in 2008 is still one of the biggest economic setbacks the country has faced to date. A lot of people lost everything they had, and many more were on the verge of being homeless even. Dermontti Dawson was one of those who lost a lot of money, totaling around $70 million. However, that is not the surprising part.
In 2010, Dawson filed for bankruptcy, and the subsequent proceedings brought a lot of shocking facts to light. For one, he owed debts of around $70 million, while he only had assets worth $1.5 million. Apparently, he invested a lot into real estate, and with multiple partners.
However, he did not have any controlling interest in any of his investments. This turned out to be one of the biggest mistakes of his life. While it is true that not many were able to get the better of Dermontti on the field, off the field, he failed big time when it came to putting his hard earned dollars to good use.
Tom Brady has ample opportunities available to recoup his losses
FTX’s bankruptcy hearing has been the talk of the town for a while now. Especially because tonnes of celebs, including Tom Brady, has been so closely involved in the fiasco. Along with the extravagant purchase of shares, Tom also appeared in multiple commercials for the firm. The same firm that tried roping in pop star Taylor Swift as well. However, Swift and her father’s acumen for financial knowledge prevented her from committing the error which several NFL and NBA stars did.
While $70 million is definitely a huge amount, TB12 may not be worried about making it back. With his booming apparel business and his $375 million deal with Fox Sports set to kick in next year, he has ample opportunities to cover his losses. However, he will no doubt be careful the next time he is approached for a collaboration. Brady learns from his mistakes, and this is surely a costly one to learn from.
