Investing.com UK - Financial Markets Worldwide
🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Taylor Swift Managed To Dodge The FTX Promo Bullet, Says Lawyer — And Elon Musk Isn't Surprised

Published 19/04/2023, 05:41
© Reuters. Taylor Swift Managed To Dodge The FTX Promo Bullet, Says Lawyer — And Elon Musk Isn't Surprised

Benzinga - American singer Taylor Swift stands out as one of the few celebrities who diligently researched now-defunct cryptocurrency exchange FTX before partnering with them, according to lawyer Adam Moskowitz.

What Happened: Moskowitz has filed a $5-billion class action lawsuit against FTX’s celebrity endorsers, including Shaquille O'Neal, Tom Brady, and Larry David, accusing them of promoting the sale of unregistered securities.

Moskowitz, in a podcast episode with The Block's The Scoop, claims that the exchange’s celebrity endorsers failed to conduct due diligence to determine whether they were breaking the law by promoting FTX.

Taylor Swift, who was reportedly close to signing a $100-million sponsorship deal with FTX, asked if the securities were registered before entering the partnership, according to Moskowitz.

See More: Top Indian Apps That Give Bitcoin, NFT Rewards

"The one person I found that did that was Taylor Swift. In our discovery, Taylor Swift actually asked them, ‘Can you can you tell me that these are not unregistered securities?'" Moskowitz said.

Swift's partnership with FTX never materialized.

Musk Responds: Twitter chief Elon Musk stated on Wednesday that he was not surprised by Swift's choice of not associating herself with FTX. “Taylor is smart and her father is a well-regarded investment banker,” Musk tweeted.

Taylor's father, Scott Swift is an investment banker and was a former stock broker with Merrill Lynch who purchased a 3% stake for a reported $300,000 of the independent label Big Machine Records, the label that first signed his daughter.

Moskowitz is leading several class action lawsuits against the promoters of major cryptocurrency companies, including FTX and Voyager Digital. Moskowitz’s law firm also filed a class action against influencers who promoted Binance, the world’s largest crypto exchange, in March.

The lawsuit targeting FTX’s celebrity promoters had been delayed for months as the firm struggled to serve O’Neal with official notice of the lawsuit.

Photo: Courtesy of Wikimedia Commons

Read More: Bitcoin, Ethereum, Dogecoin Rise As Investor Confidence Grows: Analyst Predicts DOGE Pump To $0.28-Mark

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.