Brief by Shorts91 Newsdesk / 11:45am on 06 Feb 2024,Tuesday Business
Ed-Tech giant Byju's has halted its three-year deal with football icon Lionel Messi as global brand ambassador, amidst a liquidity crisis, reported the Economic Times. Initially announced in November 2022, the $5-7 million per year deal aimed to promote equitable education through Byju's 'Education For All' initiative. The company allegedly paid Messi for the first year but is deliberating whether to terminate the contract prematurely. Byju's, grappling with financial woes, also refrained from renewing its contract with Bollywood actor Shah Rukh Khan. Additionally, a unit of Byju's in the US faced bankruptcy after defaulting on $1.2 billion in debt, further exacerbating the company's challenges.
