Milwaukee Bucks winner Giannis Antetokounmpo27, is extremely careful about preserving his hard-earned coins and has accounts at 50 different banks containing $250,000, his team co-owner has revealed Marc Lasry at Bloomberg News.
According to the New York Post, the two-time NBA MVP uses the $250,000 aggregate standard deposit insurance coverage limit at each Federal Deposit Insurance Corp, or FDIC-insured bank.
Hedge fund manager and billionaire Lasry, who is the founder of Avenue Capital Group, a private equity firm, advised Antetokounmpo and his teammates on best investment practices, reports the New York Post.
“I spend a lot of time with them explaining where they should invest,” Lasry said at the Bloomberg Wealth Summit in New York, according to Bloomberg News.
“I’m like, ‘Giannis, you can’t have accounts at 50 different banks. Let me tell you something, if JPMorgan goes bankrupt, your crummy little banks will also go bankrupt. Let me explain what you should buy, you should buy US Treasuries, you should buy this”.
Greek-born Antetokounmpo, 27, is understandably concerned about maintaining his creditworthiness, given that he saw his country suffer one of the worst debt disasters in the 2010s. As a result, banks closed and prevented account holders from withdrawing money, reports the BBC.
Antetokounmpo has amassed a massive fortune of $146,344,879 playing basketball and cleared $47 million from endorsements in 2021, Forbes reports.
He recently made his first brand investment with Ready Nutrition, a sports nutrition company that has created a line of products including sports drinks, protein water and plant-based snacks and powders, Team Ready reports. .
“Nutrition is a very important part of being an athlete. You have to be very careful what you put in your body…I liked that it was all natural and didn’t have a lot of sugar like the other products. Over the years I got better, faster and stronger, so it was a no-brainer to join Ready,” Antetokounmpo said, according to Entrepreneur.