Shaq 'quadrupled' his net worth thanks to this simple investment strategy from Jeff Bezos
When looking for inspiration in investing, turning to self-made people seems only wise. That's what NBA legend Shaquille O'Neal did by taking an important investment tip from none other than Amazon founder Jeff Bezos. While Shaq earned over $292 million in salary alone and $200 million from endorsements, he continues to earn over $60 million a year, as per Celebrity Net Worth. A chunk of his estimated $500 million comes from his various investments and businesses.
What Shaq learned from Jeff Bezos
In an interview with Fortune, Shaq said that he once "heard Jeff Bezos say, if you invest in things that are going to change people’s lives, you’ll always get a great return on your investment."
In a separate interview with CNBC, Shaq added his two cents on the principle by saying that he never thinks about the monetary aspect. "It’s not important to me," he said.
Thus, Shaq has long touted Bezos’ advice to seek out investment opportunities. The four-time NBA champion is investing in a $29 million community college startup called Campus. The company helps community college students jump-start their careers or get a pathway to a four-year degree.
Shaq said this investment wasn't about getting a return but because he felt that "everyone should have access to world-class education," he told Fortune.
Apart from Campus, Shaq's investments include companies like Google, Ring, Lyft, Apple and Vitaminwater. He has also owned franchises of Papa Johns, Auntie Anne’s, and Five Guys.
“If something comes across my desk and I don’t believe in it, I don’t even look at it,” he told The Wall Street Journal in 2019.
The billionaire's advice helped Shaq trust his conviction in a business’ mission over pure financial motivation. “It’s basically based on one principle — belief. [Do] you believe in the product? Is it gonna change people’s lives? ... That’s what it is about for me,” he said in the CNBC interview.
However, he told WSJ that the strategy has paid off handsomely, as well. “Once I started doing that strategy, I think I probably quadrupled what I’m worth,” he said.
While Shaq says Google has been his best bet, his investment in Papa Johns certainly reflects Bezos' investment values. He said he started with Papa Johns because he believed in the business and wanted to help bring positive changes to the company. He fought an uphill battle by coming on board after founder John Schnatter exited the company over controversial and racially charged remarks.
Bezos also seems to have influenced one of Shaq's business decision in 2022 when the basketball Hall of Famer was looking to make a bid for the NBA team Phoenix Suns, he said he was "scared off" after learning that Bezos may be eyeing ownership as well.
“You can’t compete with Jeff Bezos. I was very interested. My group was very interested,” he told CNBC.
Shaq's decision to not compete against Bezos or any other “heavy hitters” paid off, as the team was eventually bought by billionaire Matt Isbhia for a whopping $4 billion, as per ESPN.