Devin Booker received a feature in Forbes’ special 30 under 30 list for athletes published in early 2022. The honorary feature accompanied a detailed article mapping Booker’s upward trajectory in the world of business and investing. The Forbes article praised the Phoenix Suns guard for his foray into the business world at such a young age, underlining how the 26-year-old educated himself to maximize his returns on investments from his exorbitant NBA salaries. Forbes’ staff writer Brett Knight rounded up his article with NBA legend and business tycoon Magic Johnson’s potent advice to Booker that helped shape his business acumen.
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Magic Johnson was courted by every shoe company under the sun in 1979 as he made his way to the 1979 NBA Draft as a breakaway star for the Michigan State Spartans. The then up-and-coming brand Nike offered Johnson a deal similar to the one they would offer Michael Jordan five years down the road. However, the Lansing, Michigan native rejected Nike’s stock options and royalty-laden deal for a hard cash deal from Converse, which ultimately ended up incurring a $5 billion loss for Johnson.
Magic Johnson gave Devin Booker some solid business advice
Despite fumbling the Nike bag, Magic Johnson has been able to amass a staggering $600 million net worth, through his wise investment decisions and business ventures. The five-time NBA Champion seemed like the perfect man to advice Booker on business deals and investments, hailing from a similar background. Therefore, the Suns star’s financial advisor and business partner, Jim Reynolds, put him in touch with Magic Johnson.
Reynolds, who’s the CEO and chairman of the Chicago-based hedge fund Loop Capital, had worked with Johnson in the past. Knight notes in his article the advice Jonson had for Booker:
When [Magic] Johnson left college for the Los Angeles Lakers, he told Booker, all of the major shoe companies wanted to sign him as a spokesman. He picked a cash deal from Converse, passing on an offer for shares in an upstart—Nike. That underscored an early lesson from Reynolds: The money from your playing contract is nice, and the millions you make in endorsements will help, but “if you’re going to have real wealth, you have to own equity.”
The Forbes article also mentioned Reynolds’ testimony that Booker believes in having a hands-on role in the companies he invests his money in. Therefore, instead of just entrusting his money to strangers, the three time All-Star actually tries to gauge the brand’s business strategies by commanding an influence on the company’s board of directors.
D-Book’s investment portfolio
Booker has a diverse portfolio that has helped him garner heavy returns from his millions of dollars in investments. The 6’5 NBA star is the co-owner of the coconut-based sports drink company COCO5, which is rapidly gaining traction in the market. The brand’s headquarters were even moved from Chicago to Arizona, so that D-Book can be more involved in the company’s decisions.
Besides that, Booker has also invested in Sports Media brand Overtime. He also has a stake in the consumer goods and food delivery app GoPuff.
