NBA superstar Shaquille O’Neal has demonstrated that his business acumen is as impressive as his basketball skills. O’Neal’s decision to opt for a cost-effective security solution for his property has resulted in a lucrative investment.
What Happened: In a 2019 interview with CNBC, O’Neal disclosed that he declined an offer to install $80,000 worth of security cameras at his Atlanta residence.
Instead, he chose a more economical option from Ring, outfitting his home with 10 to 15 cameras for approximately $2,000.
After experiencing the product’s effectiveness and cost-efficiency firsthand, O’Neal decided to invest in Ring.
During the interview, he said that he met with Ring’s CEO, Jamie, at a Las Vegas conference and expressed his desire to contribute to the company’s expansion.
Also Read: Shaquille O’Neal Won’t Share His Fortune With His Kids: ‘I’m Not Going To Hand It to You’
O’Neal’s $1 million investment in Ring significantly contributed to the company’s growth in the security camera industry.
In 2018, Amazon Inc. (NASDAQ:AMZN) purchased Ring for an estimated $1 billion, making it one of O’Neal’s most profitable investments.
Why It Matters: O’Neal’s investment strategy is rooted in his belief in the products he invests in. His decision to invest in Ring is a testament to his business philosophy, which combines prudence with a conviction in the product’s potential to benefit others.
This approach has not only helped him amass a net worth of $500 million but also solidified his reputation as a savvy investor.
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