Tom Brady: Not only is the Tampa Bay quarterback racking up endorsement deals, but he will soon be a broadcasting star—if he ever retires. Fox Sports inked him to a deal worth a reported $375 million over 10 years to become the network’s top NFL analyst whenever he finally hangs up his helmet. This is not only good news for Brady’s bank account but also for the brands he backs, including his very own TB12 lifestyle brand, because it ensures he will stay in the limelight for years to come.
Peloton: The beleaguered fitness brand reported quarterly results that were worse than analysts expected. Revenue for the fiscal third quarter was $964.3 million; Wall Street analysts expected $971.6 million. The company lost $757.1 million in the period. A day before its earnings report, Peloton rolled out its first brand tagline, “Motivation that Moves You.”
Read more: Peloton debuts first tagline
Carvana: Less than four months ago, Carvana spent big bucks on its first Super Bowl ad, called "We'll Drive You Happy." But now, things are not so pleasant at the online used-car dealer after it announced plans this week to lay off 2,500 employees, or about 12% of its workforce.
More context from Automotive News: “Digital retail companies that received a long period of boosted sales and elevated customer interest during the COVID-19 pandemic are now seeing some cooldown, and it’s reflecting in their earnings.” To make things worse, Carvana employees on Twitter and Reddit are complaining about getting little or no notice about the cuts.
Crypto investors: Amid recession worries, many investors are dumping riskier investments—and that appears to include cryptocurrency. The frenzied selloff of crypto continued this week following last week’s plunge in the price of bitcoin, which now appears to be in free fall. In addition, a recent financial filing from Coinbase Global noted that its investors might not be protected should a bankruptcy occur.
The company wrote: “Because custodially held crypto assets may be considered to be the property of a bankruptcy estate, in the event of a bankruptcy, the crypto assets we hold in custody on behalf of our customers could be subject to bankruptcy proceedings and such customers could be treated as our general unsecured creditors.” As pointed out in the Wall Street Journal, this is very different from traditional brokerages, which have customers whose assets are protected for them in bankruptcy proceedings.