Davido endorsed a Ponzi scheme. Let's talk about that.

Do you know why celebrity endorsements come at a premium? Why they pay them as much as they receive to endorse a particular company or product?

Because they know that the fans trust their words implicitly.

A celebrity is expected to have done his due diligence on any product or service he's endorsing.

It's one thing to call people idiots for investing in a ponzi scheme. But when that ponzi scheme comes with a celebrity endorsement, the dynamic changes.

Davido is well respected, presumably he's interested in preserving his good name and wants the best for his fans.

The relationship between fans and a celebrity is a symbiotic one where each side of the spectrum gets value for being in the relationship.

This is even clearer when you examine new phenomena like the doge phenomenon where Elon Musk's word is all the Alpha everyone who trusts Elon needs to invest in a meme coin.

Just like Davido, Elon has a reputation to protect. He will be wary of shilling his community rug pulls.

But that's exactly what Davido did which in my opinion is a case of betrayal of public trust.

Davido should have done his due diligence before endorsing Racketerling.

He doesn't respect his platform and this shows that he doesn't care about his fans either.

It's a shame that he won't lose a minute of sleep over this.

Savings lost, some people in depression, some have to start all over again.

Why did they invest in a ponzi scheme?

Well, that's the question each individual will have to answer on their own.

My grouse is with Davido who showed utter lack of respect for his platform and didn't care about his fans enough to do his due diligence before selling them a rug pull.

I hope he learns from this too and he's more careful with these sort of things in the future.

It's disgraceful.

Case in point.