NBA legend Shaquille O’Neal files a lawsuit against his former marijuana business partner, alleging mismanagement of his funds.
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Boasting an estimated net worth of $400M, Shaquille O’Neal made an exemplary transition from his career on the NBA hardwood to the business world. The four-time champion is a success story by all means and an example for future generations on how to invest their money wisely.
The Big Diesel has investments in various fields, including FMCG, food & beverage, technology, and hospitality, to name a few. Though Shaq’s made tons of moolah with his projects, he did have his fair share of losses. One such instance was entering the business of cannabis.
The global legal marijuana market size was estimated at USD 13.2B in 2021 and is expected to reach USD 16.7B in 2022.
In 2016, the three-time Finals MVP and his business partner Jerome Crawford invested $150K in the marijuana business. More than a year later, the company had no license, revenues, or operations.
As the founders began to stall, Shaq and co decided to file a lawsuit worth $1M against the party.
Shaquille O’Neal’s battle with former marijuana business partner reaches court.
In a detailed report of the lawsuit obtained by TMZ, Shaq said their investment was supposed to help the company “pursue opportunities in the field of legal cannabis.”
In the suit, the Hall of Famer claims that by late 2017, the company “seemingly had no licenses, no revenue, and no operations.” Shaq says when he and his attorneys pressed for details on how their money was being used, the company initially didn’t respond.
On threatening to go legal in 2018, the company agreed to pay Shaq and Crawford back in installments of $10K each. According to Diesel’s claims, the company only paid the first installment of $20k. The situation currently stands at the former Lakers center suing the company to get his money back with interest for mishandling funds, looking for damages over $1M.
Just like his success stories, Shaq’s above instance could serve as another learning example for the current crop of players on how to invest their money wisely.
Also read: Shaquille O’Neal is worth $400M but still prefers to eat like a common man
