{"id":1767962,"date":"2022-12-08T14:48:24","date_gmt":"2022-12-08T19:48:24","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1767962"},"modified":"2022-12-08T14:48:32","modified_gmt":"2022-12-08T19:48:32","slug":"kevin-oleary-says-he-fell-victim-to-groupthink-lost-all-of-his-15-million-payout-as-ftx-ambassador","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/kevin-oleary-says-he-fell-victim-to-groupthink-lost-all-of-his-15-million-payout-as-ftx-ambassador\/","title":{"rendered":"Kevin O\u2019Leary Says He Fell Victim To \u2018Groupthink,\u2019 Lost All Of His $15 Million Payout As FTX Ambassador"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">36<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fkevin-oleary-says-he-fell-victim-to-groupthink-lost-all-of-his-15-million-payout-as-ftx-ambassador%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1767962&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Canadian celebrity investor Kevin O\u2019Leary said that he lost his entire $15 million payout from FTX, the defunct <a href=\"https:\/\/www.dailywire.com\/topic\/cryptocurrency\">cryptocurrency<\/a> exchange for which he was an ambassador.<\/p>\n<p>FTX filed for <a href=\"https:\/\/www.dailywire.com\/news\/30-year-old-billionaire-loses-entire-fortune-overnight-as-his-bahamas-based-cryptocurrency-empire-implodes\" target=\"_blank\" rel=\"noopener\">bankruptcy<\/a> last month after users discovered that the company was likely intertwined with Alameda Research; both were controlled by now-broke former billionaire Sam Bankman-Fried and a close-knit group of amateur executives. O\u2019Leary, known for serving as a judge on reality startup show \u201cShark Tank,\u201d said that his payout earned from work to promote the defunct company is swimming with the fishes.<\/p>\n<p>\u201cTotal deal was just under $15 million, all in,\u201d O\u2019Leary said during an <a href=\"https:\/\/www.cnbc.com\/2022\/12\/08\/ftx-spokesman-kevin-oleary-says-he-lost-15-million-crypto-payday.html\" target=\"_blank\" rel=\"noopener\">interview<\/a> with CNBC\u2019s \u201cSquawk Box,\u201d adding that he placed $9.7 million into cryptocurrencies. \u201cI think that\u2019s what I lost. I don\u2019t know. It\u2019s all at zero.\u201d<\/p>\n<p>Mr. Wonderful also had more than $1 million in FTX equity, which is now worthless due to the bankruptcy. The remaining benefits evaporated in taxes and agent fees.<\/p>\n<p>\u201cIt was not a good investment,\u201d he admitted.<\/p>\n<p>O\u2019Leary, known for his intense skepticism of pitches presented to \u201cShark Tank,\u201d lamented that he fell victim to \u201cgroupthink.\u201d The former software entrepreneur has lauded FTX on social media and expressed confidence in the company\u2019s legitimacy.<\/p>\n<p>\u201cTo find crypto investment opportunities that met my own rigorous standards of compliance, I entered into this relationship with FTX,\u201d he said in a <a href=\"https:\/\/www.prnewswire.com\/news-releases\/ftx-and-kevin-oleary-announce-long-term-investment-and-spokesperson-relationship-301352189.html\" target=\"_blank\" rel=\"noopener\">statement<\/a> announcing the brand ambassador partnership last year. \u201cIt has some of the best crypto exchange offerings I\u2019ve seen on the market. FTX leverages best-in-class tech to provide a quality trading experience with low fees for both professional and retail investors alike, while at the same time providing the reporting platform that serves both internal and regulatory compliance requirements.\u201d<\/p>\n<p>Bankman-Fried solicited a number of <a href=\"https:\/\/www.dailywire.com\/news\/from-brady-to-shaq-here-are-the-celebrities-who-lost-big-on-the-ftx-implosion\" target=\"_blank\" rel=\"noopener\">cultural icons<\/a> to participate in advertisements featuring the exchange platform. Golden State Warriors point guard Steph Curry, Tampa Bay Buccaneers quarterback Tom Brady and his supermodel ex-wife Gisele B\u00fcndchen, and basketball legend Shaquille O\u2019Neal appeared in advertisements or otherwise promoted the company.<\/p>\n<p>The celebrities were named in a <a href=\"https:\/\/www.dailywire.com\/news\/tom-brady-steph-curry-other-celebrities-sued-for-pushing-ponzi-scheme-ftx\" target=\"_blank\" rel=\"noopener\">lawsuit<\/a> filed in the Southern District of Florida on behalf of investor Edwin Garrison and others affected by the company\u2019s failure. The complaint accused the icons of participating in a \u201cfraudulent scheme\u201d meant to deceive unsophisticated investors. The lawsuit argued that the brand ambassadors, many of whom received equity stakes in the company, failed to perform \u201cany due diligence\u201d before marketing FTX to the public, adding that their failure to disclose \u201cthe nature, scope, and amount of compensation they personally received\u201d in exchange for promoting FTX represents \u201ca violation of the anti-touting provisions of the federal securities laws.\u201d<\/p>\n<p>Bankman-Fried, the second-largest donor to the 2020 campaign of President Joe Biden and the sixth-largest <a href=\"https:\/\/www.dailywire.com\/news\/here-are-the-democrats-and-republicans-who-received-campaign-cash-linked-to-bankrupt-crypto-empire-ftx\" target=\"_blank\" rel=\"noopener\">overall contributor<\/a> in the recent midterm elections, aggressively tried to recruit singer-songwriter Taylor Swift as a brand ambassador for his cryptocurrency empire. Reportedly a diehard fan of the pop star, Bankman-Fried neared the late stages of negotiating a $100 million sponsorship deal, according to a <a href=\"https:\/\/www.ft.com\/content\/2b0601e2-d371-404d-8531-227f11d4a83f\" target=\"_blank\" rel=\"noopener\">report<\/a> from the Financial Times.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Canadian celebrity investor Kevin O\u2019Leary said that he lost his entire $15 million payout from FTX, the defunct cryptocurrency exchange for which he was an ambassador. FTX filed for bankruptcy last month after users discovered that the company was likely intertwined with Alameda Research; both were controlled by now-broke former billionaire Sam Bankman-Fried and a &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1767965,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[],"class_list":["post-1767962","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1767962","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1767962"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1767962\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1767965"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1767962"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1767962"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1767962"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}