Shaquille O’Neal has made a name for himself after retirement as a wise investor. However, he wasn’t always as meticulous as he is today. The legendary center once revealed that he was very reckless with his investment strategy, which 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 in his younger days. Shaq would do it purely for profits, and if it “sounded good” to him, he’d most likely put part of his money into it. Unsurprisingly, the iconic big man lost a lot of money during those days. However, meeting Bezos changed his whole strategy as an investor.
The Amazon founder told Shaq about his own investment strategy, claiming he would only invest in products that could impact people’s lives. He educated the 4-time NBA champion on the impact that the advent of the internet would have on investments. According to Shaq, that’s when he decided to heed Bezos’ words.
“When I first started investing, it was all for monetary purposes only. 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. 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.”
O’Neal has stuck to this belief, and it seems like it’s worked wonders for him. Shaq’s philanthropic ventures have generated many investments for his business portfolio. For example, 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 of his is more dear to him than Ring. A company that focuses mainly on home security, Ring launched a revolutionary doorbell, that allows homeowners to record videos of their front porch.
Shaq claimed that his investment in the company was because it was a helpful product. In the same interview with Forbes, O’Neal told interviewer 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 makes roughly $415 million per year, and having the backing of a beloved figure like Shaq is certainly helpful.
Shaquille O’Neal’s business smarts
When appearing on CNBC Make It, Shaquille O’Neal stressed the importance of saving money for the younger generation. Using a blank piece of paper, Shaq gave an eye-opening presentation on how viewers 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. Jeff Bezos gave Shaq another perspective on business and it’s helped the former NBA superstar to achieve success in business.
