NBA legend Shaquille O’Neal is a savvy businessman but the former pro basketball player said that after following the financial advice of Amazon CEO Jeff Bezos he has “probably quadrupled” his net worth.
Continue Reading Below
O’Neal spoke with The Wall Street Journal recently about his investments, endorsements and franchising. The former Los Angeles Lakers center said his first big investment was in Google but before that he had a bunch of “little minor investments.”
But it was Bezos' advice that really affected O'Neal's finances, he said.
“I heard Jeff Bezos say one time when he was talking [that] he makes his investments based on if it’s going to change people’s lives,” O'Neal told The Journal. “Once I started doing that strategy, I think I probably quadrupled what I’m worth now.”
Since retiring from the NBA in 2011, O’Neal started investing in opportunities he believed in.
“If something comes across my desk and I don’t believe in it, I don’t even look at it,” he said.
“Whenever I do business, it’s not about the money,” O’Neal said of his business ventures.
O’Neal has endorsement deals with pizza chain Papa John’s, Icy Hot and Comcast. He owns 17 Auntie Anne’s pretzel shops and a Krispy Kreme franchise.
He told The Wall Street Journal that his favorite franchise he’s involved with at the time is Krispy Kreme.
“Because I like doughnuts and Charles Barkley loves doughnuts and he’s my biggest customer,” O’Neal said when asked why Krispy Kreme was his favorite. “Krispy Kreme is a fabulous doughnut and I was introduced to it in college and been in love with it ever since,” he said.