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☆ Taylor Swift didn't sign $100 million FTX sponsorship because she was the only one to ask about unregistered securities, lawyer says
▼ + stars: | 2023-04-19 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Taylor Swift pulled out of a $100 million sponsorship deal with Sam Bankman-Fried's FTX. The lawyer suing other celebrities for promoting FTX says she was the only one to ask about unregistered securities. Taylor Swift managed to avoid signing a $100 million sponsorship deal with FTX because she was reportedly the only celebrity to question the crypto exchange, according to the lawyer handling a class-action lawsuit against several FTX promoters. "The one person I found that did that was Taylor Swift," Moskowitz told The Scoop's Frank Chaparro. "In our discovery, Taylor Swift actually asked them: 'Can you tell me that these are not unregistered securities?'"

☆ The lucky breaks that built Nike
▼ + stars: | 2023-04-08 | by ( Matthew Kish | ) www.businessinsider.com time to read: +5 min

Fittingly as "Air" hits theaters, Nike will release an Air Jordan in "lucky green." "Luck plays a big role," Nike cofounder Phil Knight wrote in the closing of his 2016 memoir, "Shoe Dog." Athletes get lucky, poets get lucky, businesses get lucky." Knight wrote. Next Wednesday, Nike will release the "Black and Lucky Green" Air Jordan 1.

☆ The SEC just warned investors that crypto assets are at risk of 'significant' losses after $2 trillion in market value was already erased
▼ + stars: | 2023-03-24 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

The SEC warned that cryptocurrencies could still spur significant losses for investors. The warnings comes more than a year after the cryptocurrency market erased $2 trillion in market value. "The only money you should put at risk with any speculative investment is money you can afford to lose entirely," the SEC warned. "Investments in crypto asset securities can be exceptionally volatile and speculative, and the platforms where investors buy, sell, borrow, or lend these securities may lack important protections for investors. The risk of loss for individual investors who participate in transactions involving crypto assets, including crypto asset securities, remains significant," the SEC warned.

☆ A key indicator says a recession is guaranteed in 2023 — and Bill Ackman, Nouriel Roubini, and others are warning of trouble ahead
▼ + stars: | 2023-03-24 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

From the central bank's latest rate hike to new developments in the ongoing bank crisis, a lot has happened in my absence. And all the while, Jerome Powell's favorite bond-market indicator is quietly telling us that a recession is all but guaranteed this year. Talk of basis points, yield spreads, and other market jargon is obscuring the key message here: Markets think a recession is guaranteed in 2023. How much credence as a recession signal do you give the bond market indicator? He said the current bank crisis isn't a redux of that era, or even of 2008.

☆ Nike is facing a PR nightmare as Kyrie Irving, Ja Morant, and now Tom Sachs face scandals – but experts say partnerships with celebs and athletes will never go away
▼ + stars: | 2023-03-14 | by ( Matthew Kish | ) www.businessinsider.com time to read: +8 min

Curbed published a blistering story about Tom Sachs, a Nike collaborator, this week. As long as companies have partnered with celebrities, some endorsement deals have run aground, said Coresight Research CEO and founder Deborah Weinswig. Longtime sportswear industry analyst Matt Powell, who recently founded Spurwink River, said endorsement deals are "fraught with peril." "I thought for a while that brands were moving away from real celebrity endorsements," he told Insider. "We're talking about a very, very small percentage of celebrities who get endorsement deals who have that halo effect," Herzog said.

☆ Boies, co-counsel move to grab control of all private FTX cases
▼ + stars: | 2023-02-13 | by ( Alison Frankel | Thomson Reuters | Alison Frankel Has Covered High-Stakes Commercial Litigation As A Columnist For Reuters Since A Dartmouth College Graduate | ) www.reuters.com time to read: +7 min

Judicial Panel on Multidistrict Litigation, that the judge overseeing their Miami cases, U.S. District Judge Michael Moore, has already proven in their brand ambassador cases that he can steer FTX cases quickly and efficiently. Not everyone pursuing claims on behalf of FTX customers agrees with Boies and Moskowitz. (To be clear, these private cases are different from cases that could be brought by a court-appointed receiver or trustee in FTX’s Chapter 11 bankruptcy.) If the cases go to California, the California slate is a likelier candidate. It will be a few months before any ruling on the Boies and Moskowitz consolidation petition.

☆ From FTX to Adani Group, Fraud Allegations Are Going to Rise
▼ + stars: | 2023-01-31 | by ( Kaja Whitehouse | ) www.businessinsider.com time to read: +5 min

Then there's the Adani Group, which lost a jaw-dropping $72 billion in market value after short-seller firm Hindenburg Research last week accused it of "brazen" market manipulation and accounting fraud. Adani Group, whose founder's net worth recently approached Elon Musk's, has vehemently denied the allegations. Could Wall Street get hit by the Adani Group fiasco? But Wall Street is placing its bets on a California chipmaker, helping its founder get richer to the tune of $5 billion. From Madonna to Tom Brady, many celebrities who shilled for crypto or NFTs are either being sued civilly or facing regulatory scrutiny, according to the Wall Street Journal.

☆ What Marketers Need to Know About the FTC’s Updated Guidelines on Health Claims
▼ + stars: | 2023-01-07 | by ( Megan Graham | ) www.wsj.com time to read: +8 min

Federal Trade Commission guidelines for advertising health-related products just got a big refresh—and they could be a rude awakening for marketers making overzealous claims about products such as supplements or health apps. Here is what marketers should know about the new guidelines and what they will mean for the industry. “They consider anything that has some claimed benefit for human health to be a health product,” he said. And I think this just sort of formalizes the fact that it’s going to do that.”What kind of substantiation is needed to make health claims? Yadim Medore, founder and CEO of dietary supplement-focused consulting firm Pure Branding Inc., said the new guidelines will raise the bar for the kind of research needed for companies to make health claims.

☆ From a Deepfaked Elon Musk to RadioShack’s NSFW Tweets, CMO Today’s Twenty-Two Most-Read Stories of 2022
▼ + stars: | 2022-12-29 | by ( Nat Ives | ) www.wsj.com time to read: +7 min

Our report on deepfakes was the most-read CMO Today story in 2022. Prepare for what’s coming with this list of CMO Today’s most-read coverage in 2022, presented in order of popularity. How NSFW Tweets Plug Into RadioShack’s New Marketing StrategyAbel Czupor, who leads RadioShack’s newly edgy marketing. Newsletter Sign-up WSJ | CMO Today CMO Today delivers the most important news of the day for media and marketing professionals. Photo: KayakA hospitality empire decided to try its hand at ad sales, too.

☆ Edgy Campaigns Are Out, TikTok Won’t Stop and Other 2023 Predictions for Marketers
▼ + stars: | 2022-12-19 | by ( Patrick Coffee | ) www.wsj.com time to read: +11 min

Newsletter Sign-up WSJ | CMO Today CMO Today delivers the most important news of the day for media and marketing professionals. Most campaigns will focus on discounts to customers or showcase the usefulness of a company’s products, he said. Under this form of marketing, ad firms generally get paid upon completion of a desired end, such as a sale or download. In short, consumers should expect less “vacuous virtue-signaling” from marketers in the coming months, according to Mr. Proulx. But these platforms’ very struggles could result in ad bargains for marketers, said Mr. Solomon of Therabody.

☆ Shaq — who starred in an FTX commercial in June — says he 'was just a paid spokesperson' for the exchange and doesn't believe in crypto
▼ + stars: | 2022-12-16 | by ( Matthew Loh | ) www.businessinsider.com time to read: +4 min

Shaquille O'Neal said he was paid to appear in an FTX ad and was never involved in the firm. "A lot of people think I'm involved, but I was just a paid spokesperson for a commercial," O'Neal told the outlet. The former basketball star, who's now an angel investor and businessman, starred in an FTX commercial released on June 2. In the ad, O'Neal said he was excited to partner with the exchange to "make crypto accessible to everyone." The NBA hall of fame member did not disclose how much money he received for appearing in the June FTX commercial.

☆ Donald Trump's superhero trading cards timed the market all wrong
▼ + stars: | 2022-12-16 | by ( Jon Sarlin | ) edition.cnn.com time to read: +4 min

Los Angeles CNN —Donald Trump’s entrance into the NFT world came at the worst possible moment. It bears noting, however, that despite the bad timing Trump’s NFT collection has shot to the top of NFT marketplace OpenSea’s ranking and has raked in more than $1.4 million since its launch. On the Trump Digital Trading Cards website, the Trump collection claims to be “sold out” and the floor price for a single card has risen to $177.99, according to analytics site CoinGecko. SPACs boomed in 2020 with celebrities and investors piling in, but rising interest rates and a troubled stock market has led to a dramatic fall in SPAC value. Trump’s entrance into the SPAC world came after the boom.

☆ Boies law firm makes odd moves in FTX case against Tom Brady, celebs
▼ + stars: | 2022-12-15 | by ( Alison Frankel | Thomson Reuters | Alison Frankel Has Covered High-Stakes Commercial Litigation As A Columnist For Reuters Since A Dartmouth College Graduate | ) www.reuters.com time to read: +7 min

That was apparently not what the Boies and Moskowitz firms were hoping. In mid-November, the firms filed the first of their three FTX lawsuits in federal court. On Nov. 21, the Boies and Moskowitz firms filed a second FTX class action, this time on behalf of non-U.S. FTX customers. The day after Bloom’s assignment to the case, the Moskowitz and Boies firms voluntarily dismissed the two previously-filed FTX class actions before Moore and Gayles. “As we got more cases, we filed more cases,” Moskowitz said.

Shaquille O'Neal wants to make one thing clear: He doesn't believe in crypto, if he ever did. That's after being named in a class-action lawsuit against now-bankrupt cryptocurrency exchange FTX last month, for promoting the company in a June commercial. "A lot of people think I'm involved, but I was just a paid spokesperson for a commercial," O'Neal says. Customers have been unable to withdraw funds from FTX since the company declared bankruptcy last month. Texas is now separately investigating some celebrity FTX endorsers for potentially violating state securities laws, according to Bloomberg.

CNBC's Andrew Ross Sorkin reported that the charges against Bankman-Fried include wire fraud, wire fraud conspiracy, securities fraud, securities fraud conspiracy and money laundering. Neither the Attorney General of the Bahamas nor the Royal Bahamas Police Force would confirm the nature of the charges against Bankman-Fried. "I didn't ever try to commit fraud," Bankman-Fried said. The CFTC and lawmakers have begun their probes into FTX and Bankman-Fried, who told Sorkin he was down to his last $100,000. Failed lender BlockFi sued Bankman-Fried in November, seeking unnamed collateral that the FTX founder provided for the crypto lending firm.

☆ Federal judge dismisses crypto scam lawsuit against Kim Kardashian, Floyd Mayweather Jr.
▼ + stars: | 2022-12-07 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +4 min

A federal judge on Wednesday dismissed a proposed class action lawsuit by investors against the founders of the cryptocurrency EthereumMax, as well as celebrity endorsers including Kim Kardashian and boxer Floyd Mayweather Jr. over their promotion of the cryptocurrency on social media. Investors who bought EMAX tokens alleged they had suffered losses after taking the word of the celebrity influencers about the value of the crypto. The suit claims the defendants engaged in a conspiracy to artificially inflate the value of the EMAX tokens. "We're pleased with the court's well-reasoned decision on the case," Michael Rhodes, a lawyer for Kardashian, told CNBC. Fitzgerald in his ruling Wednesday said the EthereumMax lawsuit reflects a broader conflict surrounding celebrity and influencer promotional schemes.

☆ Nike basketball sales aren't expected to suffer after cutting ties with Kyrie Irving as anticipation builds for a Ja Morant signature shoe
▼ + stars: | 2022-12-06 | by ( Matthew Kish | ) www.businessinsider.com time to read: +4 min

Memphis Grizzlies star Ja Morant is expected to get the next Nike signature shoe. "When his signature shoe starts selling, it has the potential to be what Kyrie's was the first three years." Still, Burns noted Nike basketball is on the upswing, and Morant has a strong reputation. The shoe is nearly sold out on Nike's website, suggesting strong demand for performance basketball shoes and room in the market for a new signature shoe. "Nike basketball has rebounded," Burns said, citing the popularity of the GT Cut.

Bankman-Fried could face a host of potential charges – civil and criminal – as well as private lawsuits from millions of FTX creditors, legal experts told CNBC. There are three different, possibly simultaneous legal threats that Bankman-Fried faces in the United States alone, Levin told CNBC. He told CNBC, "prosecutors would have to prove beyond a reasonable doubt that Bankman-Fried or his associates committed criminal fraud." (Carter was not an FTX investor, and told CNBC that his fund passed on early FTX rounds.) "People should not jump to the conclusion that something is not happening just because it has not been publicly disclosed," Levin told CNBC.

☆ How streetwear brand Unless Collective aims to accomplish what brands like Nike and Adidas haven't — fully sustainable sneakers and apparel
▼ + stars: | 2022-12-03 | by ( Matthew Kish | ) www.businessinsider.com time to read: +7 min

Unless Collective T-shirts Courtesy Unless CollectiveNo "forever materials"While companies like Adidas and Nike have pledged to use more recycled polyester this decade, Liedtke said Unless Collective doesn't use any polyester in its products. At end-of-life, a tag sewn inside each Unless Collective product gives directions on how to return it. The company's working with an industrial composter in California that can make "nutrient rich soil" out of the company's old hoodies and T-shirts. Like other plant-based apparel companies, Unless Collective has had to completely rethink its supply chain. Instead of relying on factories in Asia, Unless Collective manufactures its jackets in Portugal, T-shirts in the Carolinas in the US, and hoodies in Los Angeles.

Companies Ledgerx LLC FollowNov 21 (Reuters) - The Golden State Warriors were sued on Monday by an FTX customer who accused the reigning National Basketball Association champions of fraudulently promoting the now-bankrupt cryptocurrency exchange. The Warriors last December had named FTX its official cryptocurrency platform, in what it called a first-of-its-kind cryptocurrency partnership in professional sports. The lawsuit seeks damages under California consumer laws for customers outside the United States with FTX yield-bearing accounts. Another NBA team, the Miami Heat, on Nov. 11 said it would drop the FTX name from its arena and seek a new naming sponsor. The Heat is not a defendant in the Miami lawsuit.

☆ Binance drops new ad with Cristiano Ronaldo as FTX celeb endorsers like Tom Brady and Steph Curry face a lawsuit
▼ + stars: | 2022-11-21 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Binance launched its first global marketing campaign, and it features soccer star Cristiano Ronaldo. As the World Cup begins, Ronaldo is launching is first NFT collection under the Binance partnership. Meanwhile, FTX celebrity endorsers like Steph Curry and Tom Brady are facing a lawsuit for promoting the fallen crypto exchange. As the World Cup begins, the ad campaign coincides with Ronaldo's non-fungible token collection that became available on Friday as part of a multiyear partnership with Binance. The Ronaldo deal also comes as investors filed a lawsuit against pro athletes who promoted FTX, including Tom Brady, Steph Curry, David Ortiz, as well as celebrities like Larry David and Kevin O'Leary.

President Donald Trump is boxing his own shadow as he seeks the Republican presidential nomination — and that’s not likely to change anytime soon. Dan Eberhart, a Republican fundraiser who once backed Trump but now wants DeSantis to be the party’s nominee in 2024, said there's time. In the world of GOP elites, the field is quickly narrowing to Trump and DeSantis, and the Florida Republican source said there is something unique about their rivalry. “The fact is Ron is different from any other Republican who might run against Trump,” the Republican said. But more than that, he said, Republican voters are exhausted.

☆ Investors have filed a lawsuit against FTX celeb endorsers like Tom Brady, Steph Curry, and Larry David
▼ + stars: | 2022-11-16 | by ( Nathan Mcalone | ) www.businessinsider.com time to read: +2 min

Investors have filed a lawsuit against celebs who promoted the defunct crypto exchange FTX. The suit names celebs who range from sports stars like Tom Brady and Steph Curry to Larry David. FTX, which filed for bankruptcy on Friday, had invested millions in promotions like high-profile partnerships with celebs, sponsorships including the Miami Heat's FTX Arena, and deals with finance influencers. Several finance influencers who promoted FTX have apologized to their fans in recent days, including YouTuber Graham Stephan, Insider previously reported. FTX and representatives for Brady, Curry, Ortiz, David, and O'Leary did not immediately respond to Insider's request for comment.

☆ Ye's ugly break-up with Adidas and Gap show the risks of celebrity partnerships
▼ + stars: | 2022-10-25 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +4 min

The line also helped Adidas (ADDDF) get shelf space at major retailers and brought new customers into the stores who bought other Adidas (ADDDF) merchandise. Other fashion brands that bet on Ye, including Gap (GPS)and Balenciaga, have also ended their partnerships in recent weeks. The partnership with Ye and subsequent fallout highlights the risks of retail brands relying on celebrities to appeal to shoppers. A 2012 study published in the Journal of Advertising Research found that celebrity endorsements from athletes can increase a brand’s sales by 4%. Instead of pulling the plug on Ye immediately, Adidas’ slow response allowed anger and protests over the brand’s ties to him to grow online for more than a week.

☆ Adidas' former brand president says streetwear needs a 'Tesla-like moment' to move the industry beyond plastics. His startup now aims to accomplish what brands like Nike haven't.
▼ + stars: | 2022-10-11 | by ( Matthew Kish | ) www.businessinsider.com time to read: +6 min

Liedtke recently cofounded Unless Collective, which makes plant-based streetwear. At end-of-life, a tag sewn inside each Unless Collective product gives directions on how to return it. The company's working with an industrial composter in California that can make "nutrient rich soil" out of the company's old hoodies and T-shirts. Instead of relying on factories in Asia, Unless Collective manufactures its jackets in Portugal, T-shirts in the Carolinas in the US, and hoodies in Los Angeles. In some cases Unless Collective is working to get a "minimum viable product" on the market in order to keep the company moving forward.

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