NFL GOAT Tom Brady appears to be unable to perform in the second phase as some of his business ventures have taken a serious hit. The staggered cash flow and the falling market have created major losses for his wealth accumulation. Just days after the TB12 sale closed in Boston, news broke that veteran NFT platform Autograph was laying off around 33% of its workforce. This has raised many eyebrows, with fans questioning Brady’s financial limitations.
Recently, TB12 Wellness Company closed its Boston business. It was one of the first outlets in the country to provide various facilities such as massage and personal nutrition to consumers. It became the subject of national discussion about what was the reason behind this move. And now an unexpected layoff has fueled the speculation 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 employees. According to 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 surfaced claiming that 33% was relieved by the company.
This layoff was reportedly due to the current market situation which has not been good since the FTX crash. “Autograph is facing the same market challenges as other leading technology companies that have reduced staff,” wrote a spokeswoman, per The Business Insider. “The company remains focused on building better products for fans with a strong and dedicated team,” report added.
Autograph was founded in 2021 by Tom Brady, Richard Rosenblatt and his son Dillon Rosenblatt in 2021. It focuses on selling non-fungible tokens to stars such as 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 raised several concerns about the overall operations of this company.
Tom Brady suffered heavy losses in crypto crash
The veteran’s vast accumulation of wealth began to decline, ever since the FTX crypto exchange filed for bankruptcy last year. Tom had invested heavily in FTX with his ex-wife, Gisele Bündchen, hoping for high returns. Per multiple reports, he owned as many as 1 million in shares worth $92 million before the crash.
But it all disappeared overnight, making it the biggest debacle of the 21st century. Although there have been no official announcements of losses on Brady’s behalf, the backlash was quite evident when the federal reports were published. As this is a developing story, readers may get more updates in the coming days.
