Shaquille O’Neal has made a reputation for himself as a wise investor after retiring from the NBA. However, he wasn’t always as meticulous as he is today. Initially, the legendary center was very reckless with his investment strategy. All that changed after a conversation with Amazon founder Jeff Bezos.
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In an interview with Forbes in 2020, Shaq revealed that he would invest with no research at all. He would jump in if it “sounded good” to him, seeking only profits. Unsurprisingly, the iconic big man lost a lot of money at the time. Enter Bezos.
The Amazon founder told Shaq about his own investment strategy — how he would only invest in products that could impact people’s lives.
“When I first started investing, it was all for monetary purposes only,” Shaq told Forbes. “You could tell me anything and if it sounded good, I would invest, so I would lose almost every time. Then, later, when I started going to CES in Vegas, I met a young, beautiful man by the name of Jeff Bezos.”
The Amazon founder enlightened the 4-time NBA champion on the impact the internet would have on businesses.
“And with all the [business ventures] going fully online, he explained what the future holds. And he said that he invests in things that are going to change people’s lives. And I said, you know what, I’m gonna start doing that. And when I did that, every time I invest in something, it works,” added Shaq.
O’Neal has stuck to this belief, and it has worked wonders for him. Shaq had gotten involved in many philanthropic ventures while his business portfolio has expanded manifold through thoughtful investments. For instance, Shaq joined the Papa John’s board of directors after expanding his own footprint of the pizza chain’s stores in the Atlanta area.
However, no investment is more dear to him than Ring — a company that focuses on home security. Ring launched a revolutionary doorbell, that allows homeowners to record videos of their front porch. Shaq claimed that he invested in the company because it offered a useful, but more importantly, an affordable product. In the same interview with Forbes, O’Neal told Andy Frye:
“I invested in [home security company] Ring, because I liked what they were doing and because everybody wants affordable home security that makes them feel like a trillionaire. I like the tech that lets people be out at work and communicate with people when someone rings their doorbell at home or comes to their door. It works for people, and I like that.”
As of 2024, Ring’s turnover is around $415 million per year. And the backing of a popular figure like Shaq has certainly impacted its fortunes.
O’Neal’s business smarts
When appearing on CNBC Make It, O’Neal advised the younger generation on the importance of saving money. Using a blank piece of paper, Shaq gave an eye-opening presentation on how people can make responsible financial decisions.
He tore the paper into quarters, saying that anyone coming into money should save and invest at least 3/4th of it right away. That allows them to have something to fall back on if things ever go wrong, or after retirement.
He claimed that the 1/4th that one saves can be used for expenditures, like cars, houses, and other needs. This could have been a lesson Shaq learnt as a kid, growing up seeing financial struggles at home.
So, his heart and logic when it comes to money has always been in the right place. Meanwhile Bezos equipped Shaq with a winning perspective on business that has helped him build a $500 million empire.
