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How Jeff Bezos helped Shaquille O'Neal quadruple his net worth
Explore how Jeff Bezos' financial strategies and investment advice enabled basketball legend Shaquille O'Neal to significantly increase his net worth, highlighting key insights and lessons.
Investing wisely can often feel like navigating a complex maze, but for those seeking inspiration, looking to self-made successes offers invaluable insights. This is exactly what NBA legend Shaquille O'Neal did by adopting an important investment principle from Amazon founder Jeff Bezos. Despite earning over $292 million in salary alone and an additional $200 million from endorsements, Shaq continues to secure an annual income of over $60 million, largely due to his savvy investments and business ventures. His net worth, estimated at around $500 million, is a testament to the success of his investment strategies.
What Shaq Learned from Jeff Bezos
In an interview with Fortune, Shaq recounted hearing Jeff Bezos say, “If you invest in things that are going to change people’s lives, you’ll always get a great return on your investment.”
This principle struck a chord with Shaq, who has since emphasized the importance of investing. In a separate discussion with CNBC, Shaq elaborated on his perspective, stating that he never fixates on the monetary aspect of investments. “It’s not important to me,” he said, underscoring his belief in the intrinsic value of meaningful investments.
One notable example of Shaq applying this principle is his investment in Campus, a $29 million community college startup. The company aims to help community college students jump-start their careers or transition to four-year degree programs. Shaq’s motivation for this investment was not financial gain but a desire to ensure everyone has access to quality education. “Everyone should have access to world-class education,” he told Fortune.
Beyond Campus, Shaq’s investment portfolio includes big names like Google, Ring, Lyft, Apple, and Vitaminwater. He has also owned franchises of Papa John’s, Auntie Anne’s, and Five Guys. His approach is clear: “If something comes across my desk and I don’t believe in it, I don’t even look at it,” he told The Wall Street Journal in 2019.
The Success of Belief-Driven Investments
Shaq’s investment strategy, rooted in belief and impact, has not only satisfied his personal values but also yielded substantial financial returns. “It’s basically based on one principle — belief. Is it gonna change people’s lives? ... That’s what it is about for me,” Shaq shared in his CNBC interview.
While his approach is not centered on profit, the financial benefits have been significant. “Once I started doing that strategy, I think I probably quadrupled what I’m worth,” he noted.
One of Shaq’s most successful investments has been in Google, yet his involvement with Papa John’s is perhaps the best embodiment of Bezos’ values. Shaq joined Papa John’s during a challenging period, following the controversial exit of founder John Schnatter. Believing in the potential for positive change, Shaq worked to bring a fresh perspective to the company.
This move showcased his commitment to investing in businesses that align with his values and have the potential to impact lives positively.
Shaq’s decision-making has also been influenced by his respect for Bezos. In 2022, when Shaq considered bidding for the NBA team Phoenix Suns, he reconsidered after learning of Bezos’ potential interest. “You can’t compete with Jeff Bezos. I was very interested. My group was very interested,” Shaq told CNBC. Eventually, the team was purchased by billionaire Matt Ishbia for a staggering $4 billion, according to ESPN.
Shaq’s prudent decision to step back exemplified his strategic thinking and acknowledgment of when to avoid competing against heavyweights like Bezos.
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