LeBron James has surely made some smart financial moves throughout his career, but his investment in Beats deserves some deep-diving.
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LeBron has been the center of public attention since his high-school days when thousands flocked and crammed into small gyms to catch a glimpse of the highest-rated NBA prospect in a long time.
He has since dominated the league in what has been a long career, and the King’s unwavering popularity has led to him signing multi-million dollar endorsement deals from various popular brands across the country.
One of his relatively unknown investments, however, perfectly demonstrates the shrewd business acumen the King possesses.
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LeBron James played a huge role in catapulting the popularity of Beats products from relative obscurity
Beats, which is one of the most popular electronic audio equipment manufacturers today, was founded by legendary hip-hop producer Dr. Dre. However, the hype surrounding it wasn’t always the same.
In 2008, the company sent 15 pairs of headphones before its release to the superstar, asking him to showcase the product to the public eye after he invested in them. LeBron picked the perfect occasion, as always.
When the US Olympic team arrived in Paris, the photos of him sporting the Beats device went viral, and global interest in the product peaked. Everyone wanted a pair of what LeBron James was wearing, so much so that it became a social fad.
Though his investment wasn’t revealed to the public, simply the photos of their favorite star owning a pair of Beats headphones was enough to warm them to the idea of buying one. The result? Beats ended up becoming super popular and was acquired by Apple a few years later.
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What’s more, LeBron ended up making $30M out of the acquisition, as a “silent” investor. We can only tip our hats off to the genius of The King!
