Troika Media Group Inc
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*Nasdaq FSI: *Deficient: Issuer Failed to Meet NASDAQ Continued Listing Requirements

Communication Services : Media | Small Cap Growth
Company profile

Troika Media Group, Inc is a global marketing services company. The Company is engaged in leveraging data and technology to deliver integrated branding, marketing, media, and analytics solutions to its clients. It offers solutions to clients an approach in meeting their brand strategy, experiential marketing, and communications needs. The Company’s operating units include Troika Services, Inc. (Global), Troika Design Group, Inc. (Los Angeles), MissionCulture LLC (New York), Mission-Media Holdings Limited (London) and Mission Media USA Inc. The Company operates in New York, New Jersey, and London.

Price
Delayed
$0.716
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0.00 (0.00%)
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Volume
(Light)

Today's volume of 871 shares is on pace to be much lighter than TRKA's 10-day average volume of 104,609 shares.

871

Odell Beckham Jr. got his $750,000 salary in bitcoin -- how much did it end up costing him?

1:58 pm ET May 12, 2022 (MarketWatch)
Print

By Weston Blasi

Beckham announced upon joining the Los Angeles Rams in November that he planned to convert his salary into bitcoin

Super Bowl champion and former Los Angeles Rams wide receiver Odell Beckham Jr. made headlines in November after announcing he would be converting his 2021 salary into bitcoin.

The problem for Beckham: that bitcoin prices have been plummeting.

Cryptocurrencies including bitcoin and ether have been on a major downward trend since Beckham's announcement.

See: Why is crypto crashing? Mark Cuban says 'crypto is going through the lull that the internet went through'

This is bad news for crypto investors and for Beckham, who claimed to be converting $750,000 into bitcoin in a deal with the Block Inc. (SQ) payment company Cash App.

The Action Network is reporting that the deal was made on Nov. 12, a week after the veteran receiver's release by the Cleveland Browns and a day when a bitcoin cost $64,158, according to CoinDesk -- the price is down 46.55% since that time.

Based on Monday's bitcoin prices, and assuming that Beckham did convert a lump sum of $750,000 into bitcoin when the deal was made in November, that salary would now be worth about $401,500, and, despite the drop in value, he would still have to pay taxes on income as provided to him at its $750,000 value.

See also: Coinbase CEO says company has 'no risk of bankruptcy'

In addition to federal income tax, Beckham would have to pay state income tax in California, where the Rams play and which has one of the highest state income-tax rates in the country. State income-tax brackets indicate the upper reaches of his income qualify for a 12.3% tax rate, which kicks in at $625,370. (His overall compensation, including a signing bonus and incentives, was reported to be worth as much as $4.25 million.)

Because it is not known whether Beckham moved the $750,000 sum all at once into bitcoin or spread it over multiple conversions, it's difficult to pinpoint an exact dollar figure for Beckham's losses. If the deposit was made on Nov. 12, that investment is now worth around $35,000 after federal and state taxes, according to Darren Rovell of the Action Network and formerly of ESPN and CNBC.

What can be reliably determined, though, is that Beckham would have been better off accepting his salary in U.S. dollars.

See also: How Kobe Bryant made his $600 million fortune -- and who is in charge of it now?

Representatives for Beckham did not verify the terms of Beckham's bitcoin investment to MarketWatch.

Beckham joined a roster of NFL players who have accepted payment in cryptocurrency or who have converted portions of their salaries, including Saquon Barkley, Trevor Lawrence and Russell Okung.

See also:'Are you guys into crypto?': Kim Kardashian, Floyd Mayweather Jr. sued in alleged crypto scam

Treasury Secretary Janet Yellen said Cryptocurrency market volatility is not a "real threat" to the U.S. financial system.

-Weston Blasi

	

(END) Dow Jones Newswires

May 12, 2022 13:58 ET (17:58 GMT)

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