The Texas State Securities Board has announced they are investigating Tom Brady and other celebrity endorsers regarding their involvement in the FTX financial collapse. This inquiry may expand to include other states and may spark federal involvement.
While this is obviously not good news for Tom Brady, Steph Curry, and the other celebrities who took money to hype FTX, the angle I'm most interested in is if these celebrities can be held accountable for the products or companies they shill for. That precedent could have wide ranging effects even down to college sports where NIL (name, image and likeness) money is just another form of celebrity endorsements.
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