Shaquille O’Neal and Magic Johnson are two icons of the Los Angeles Lakers. Both Shaq and Magic’s charming personas enamored fans and pundits alike. Interestingly, Shaq once admitted that he learned how to be charming by watching Magic. Even though the two played in different eras, they competed against each other away from the hardwood. Both legends have built business empires with smart decisions. But the former center once missed out on an opportunity that earned Magic $70 million.

While Shaq has an estimated net worth of $400 million, Magic has an estimated net worth of $620 million. Both Lakers legends have apparently put their hard-earned money from the league to good use. It is, however, not without its fair share of mishaps.

Shaquille O’Neal learned it the hard way

Shaquille O’Neal is always on the lookout for new business opportunities. At one point, however, when a major opportunity presented itself, he declined. The 2000 NBA MVP opened up about how he missed the chance to invest in Starbucks. He even called it his “biggest mistake”. Shaq said, “My biggest mistake was not investing in Starbucks. I had the opportunity before Magic Johnson. But I told Howard Schultz that Black people don’t drink coffee because I never seen anyone in my family drink coffee.”

Interestingly, Magic Johnson invested in the coffeehouse in 1998 and sold it back to the firm after 12 years in 2010. The five-time NBA champion reportedly earned $70 million from the deal. Seemingly, Shaq now understands his assumption that “black people don’t drink coffee” was wrong.

Interestingly, the four-time NBA champion showed his support for a new black-owned coffee brand. Rapper Jadakiss reportedly launched a new coffeehouse with his father and son. The Hall of Famer gave a shout-out by sharing the news on his Instagram story. Given Shaq’s reputation to invest, it won’t be a surprise if he chooses to invest in the coffee brand.

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Shaquille O’Neal has multiple times opened up about his business strategy. Big Diesel only invests or partners with products that he truly believes in and products that could help change the lives of people. He once revealed that he learned this strategy from billionaire Jeff Bezos and that it has helped him earn millions more.

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What do you think about Shaquille O’Neal’s regret about not investing in Starbucks? Let us know in the comments.