Shaquille O’Neal is halfway close to reaching the Los Angeles Lakers legend Magic Johnson! With some striking business deals in his résumé, the Lakers legend had built a massive business empire worth $500 million. It’s inspiring! He reportedly has stakes in Italy’s football club Napoli and is looking forward to owning a piece of a potential NBA expansion team in Las Vegas. He has publicly expressed his interest in the team. However, it’s some of the least expected and lesser-known deals that have enhanced his net worth in a short span of time. What are those?
Many already know how Shaq has been building his business empire brick by brick ever since he joined the NBA. He reportedly made $286 million from his NBA career alone, playing for 6 teams, including the Los Angeles Lakers. He once admitted how his stepfather showed him the careers of athletes who had failed to maintain millions worth of earnings, instilling in him a fear of repeating the same mistake. Right from the beginning, O’Neal invested in several ventures as well as the crucial ones that helped him secure his and his family’s future.
One of his most recent roles is serving as General Manager at Sacramento State, although the position is voluntary and does not include any form of payment. Similarly, several of his ventures, including his music career, have had little impact on his net worth. However, his appointment as co-CEO of DC Studios, as reported by TalkSport, could significantly boost his financial standing and elevate his professional profile.
But speaking of his past endeavors, how did he manage to elevate his net worth by $100 million in just one year? One of the most crucial deals could be with the Authentic Brands Group, where he is the second-largest shareholder. It manages O’Neal’s licenses for other ventures, too. So, the combined profits from his deals with Reebok, JCPenney, and Forever 21 seemingly boosted his net worth.
Recently, he signed collaboration deals with cocktail brand BeatBox Beverages, Hershey’s, and many more. So, a jaw-dropping $500 million makes sense. Not to mention, he has deals with PepsiCo, Wheaties, JCPenney, Krispy Kreme franchise, car washes, and more. The 4x NBA champ also holds stakes in Las Vegas nightclubs and 155 Five Guys franchises.
One of the most lucrative partnership deals he has is with Papa John’s, which was reportedly a whopping $8 million. He also owned a stake in the Sacramento Kings from 2013 to 2021. And while he is a genius himself, he had help from other legendary businessmen.
Who is the finance legend whom Shaquille O’Neal praised for a net worth boost?
By now, we know that the Big Aristotle’s partnership deals with brands are much more than just business. He builds connections with values that he believes in. And he credited Amazon founder Jeff Bezos’ advice for it. In an interview with the Wall Street Journal, he revealed that Bezos’s one piece of advice was a game changer and helped him boost his net worth.
May 28, 2024; Dallas, Texas, USA; Shaquille O’Neal watches the game between the Dallas Mavericks and the Minnesota Timberwolves in game four of the western conference finals for the 2024 NBA playoffs at American Airlines Center. Mandatory Credit: Jerome Miron-USA TODAY Sports
“I heard Jeff Bezos say, if you invest in things that’s going to change people’s lives, you’ll always get a great return on your investment. But this particular investment is not about great return because I feel that everyone should have access to world-class education,” O’Neal said.
Among several investments, some of the best were in the home security company Ring, which was later acquired by Amazon in 2018 for a reported $1 billion. He has invested in Icy Hot and several more education and technology startups to support the emerging brands.
The Big Aristotle also took heed of financial advice from billionaires and millionaires. He is not gatekeeping it. During an interview, he was asked about how he built his empire. Without much hesitation, the retired NBA player shared what he had learned from a businessman.
“I said how and he (the businessman in question) taught me a word I never heard. ‘Shaq, you need to invest in Annuity,’ and I never knew what it was. And I looked it up cuz I was making so much money from commercial and all, I didn’t know what to do with it. And he said, ‘Yeah all this money you’re making, if you put it away you can invest it and you can start collecting at 50 60, and 70.’ So that was my greatest investment,” he said.
It’s an Annuity fund. For those who aren’t aware, an Annuity fund can be best and simply understood as a financial agreement between a client and a company, where the client makes payments over time, and later, the company starts paying them back, providing them a steady stream of income and offers financial stability in the later years of one’s life.
So, while O’Neal himself is business savvy, it is notable how he learned crucial lessons from his millionaire or billionaire friends. Not to forget, O’Neal also gives back to the community!
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