Despite this, the world’s largest stablecoin has gotten something in return for its substantial purchase.
Tether Investments: What a $100B stablecoin empire does with its profits
Director Garino enters the picture
While it may appear as though Tether invested heavily in Juventus without any reward, the reality is far more bizarre.
In return for its over 11% stake in the club, Tether was able to get one of its nominees, Francesco Garino, appointed to the board of directors.
Tether described Garino as “a true JuventinoDOC for 50 years,” but it’s more intricate than that.
When La7, a private Italian media company, reached out to Garino, he described himself as “Tether’s trusted man,” adding that he’d known Giancarlo Devasini, the CFO of Bitfinex and co-owner of Tether, for “50 years, since we were children.”
A game of attrition
The fact that Juventus’s stock price is going down may actually benefit Tether.
As minority shareholders, it has room to call out the mistakes and missteps of majority shareholder Exor, and eventually wrest control.
Juventus currently sits seventh in Serie A and outside the qualification spots for any major European competition, with three wins, one draw, and a loss.