Everyone would like to see their money grow and NBA stars are no exception. Particularly former players, to ensure money comes in even after they quit basketball. Shaquille O’Neal is a master at this. The Hall of Famer’s net worth has surpassed $400 million due to his incredible investment portfolio. His partner on TNT, Charles Barkley, however, hasn’t been as active in investing. But he did make one peculiar investment in 2018.
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The former Phoenix Suns superstar was a guest on Shark Tank and was persuaded to spend $250,000 on a company called Cave Shake that sold vegan milkshakes.
Entrepreneurs Holly Heath and Billie Cavallaro pitched their gluten-free and dairy-free milkshake brand to the sharks, including Dallas Mavericks minority owner Mark Cuban, seeking $250,000 for a 10% stake in the company.
While the other sharks opted out, Barkley stuck around and offered $250,000 for a 20% stake. The entrepreneur duo made a counteroffer of 14% equity for $250,000, which the Hall of Famer laughed off but kept his initial offer on the table.
Cuban and the other sharks questioned Barkley’s motive and he admitted it was an emotional decision. He said that he had struggled with weight issues since retiring and was intrigued by the product as it would help people get in shape.
After some bargaining, Heath and Cavallaro eventually caved and gave Barkley a 20% stake in Cave Shake. Cavallaro was the one who pushed for Barkley’s involvement in the company as they believed his star status might pull in many athletes to become long-time customers of their products.
Six years since the deal, what has happened to the company? We tried to find out.
Was Barkley’s investment a shrewd one or a waste of money?
Soon after Barkley invested $250,000 in Cave Shakes, the company re-branded and named itself Space Shake. But the brand hasn’t been a game-changer product, which would be a disappointment considering they have Barkley on board.
The product has been criticised for not understanding consumer demand and sentiments. It is not a mass brand by any means, so athletes have not been keen to endorse it. Its positioning makes it confusing for them even as customers. Additionally, the company has not had a strong social media presence since August 2022.
Since the brand isn’t publicly traded nor are its books open to the public, it is unclear just how profitable the business is or whether or by how much Barkley’s $250,000 investment has grown.
In fact, it appears as if the company may no longer be actually operating. According to Sharktankupdate.com, Cavallaro quit as co-founder in 2020 to pursue other projects. Its products are no longer available on Amazon or in supermarkets. Its own e-store is ‘no longer available’ according to hosting company Shopify.
That means Barkley’s quarter of a mill investment is a but. His emotional decision to invest in the company may not have yielded any returns. But it showcased that he has a big heart and is willing to invest in people passionate about their dreams.
