Yahoo Finance How Jeff Bezos’ advice helped Shaq O’Neal quadruple wealth
If there’s one person who knows how to make money, it would have to be Jeff Bezos - the world’s richest man and founder of retail giant Amazon.
And according to the Wall Street Journal, this fact isn’t lost on NBA star Shaquille O’Neal.
O’Neal, who has investments in Google and Apple and is estimated to be worth US$400 million (AU$596.8 million), told the Wall Street Journal that he used Jeff Bezos’ advice to quadruple his wealth.
“[I] heard Jeff Bezos say one time [that] he makes his investments based on if it's going to change people's lives," he said.
“Once I started doing that strategy, I think I probably quadrupled what I'm worth."
Now an angel investor, O’Neal made around US$300 million in his 19-year basketball career. He invested this in early stakes in Apple and Google, but also in a series of fast-food companies like Five Guys and Papa John’s.
He admits that Google is the best investment he made, but is also happy that he invested in Krispy Kreme.
His current strategy, however, is just to invest in the things he likes.
"If something comes across my desk, and I don't believe in it, I don't even look at it," O'Neal said.
"Whenever I do business, it's not about the money."
"I like donuts ... Krispy Kreme is a fabulous donut. I was introduced to it in college and have been in love with it ever since.”
O’Neal made US$20 million in his last year with the Cleveland Cavaliers, and at his wealthiest reached 52 on the Forbes Celebrity Rich List in 2010.
Bezos is worth an estimated US$110 billion.
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