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Taylor Swift showed her financial savvy by escaping a deal with FTX, the bankrupt crypto exchange.
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The pop superstar invests in a specific type of mutual fund, Boaz Weinstein revealed.
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“For many reasons, it’s hard not to be a Swifty,” the hedge fund manager tweeted after a concert.
Taylor Swift showcased her financial acumen when she avoided a $100 million sponsorship deal with FTX, the now-bankrupt crypto exchange. The pop superstar puts her money in a niche type of mutual fund, an elite investor has revealed.
Hedge fund manager Boaz Weinstein attended a Swift concert with his daughters in Philadelphia last weekend, and joked the singer’s investment smarts are one reason for her immense appeal.
“Having a blast watching our daughters sing every lyric tonight in Philly,” he tweeted on Saturday. “Did you know that @taylorswift13 invests in discounted closed end funds? You think I’m kidding, but her father Scott told me so!”
“For many reasons, it’s hard not to be a Swifty,” the founder of Saba Capital Management added.
Weinstein’s firm has taken activist positions in closed-end funds run by BlackRock and other large asset managers in the past. These funds raise money to invest by issuing shares, so there’s a cap on how many people can invest in them as there are only a limited number of shares available. The fund is considered “discounted” if its shares are trading at a discount to the net value of its assets (NAV).
Swift – whose father, Scott Swift, used to work for Merrill Lynch – has shown over the years that she’s well-versed in finance.
Most recently, she didn’t sign a $100 million sponsorship deal with FTX after asking the company whether it was selling unregistered securities. That’s according to Adam Moskowitz, the lawyer handling a class-action lawsuit against several FTX promoters including Shaquille O’Neal, Tom Brady, and Larry David.
In a podcast last month, Moskowitz said that unlike other celebrities who didn’t do their due diligence, Swift pulled out of the agreement and never promoted the now-bankrupt exchange.
“The one person I found that did that was Taylor Swift,” Moskowitz told “The Scoop” podcast’s Frank Chaparro at the time.
Read the original article on Business Insider
