A player who changed the culture of the game, despite only being 6 feet in height. His tattoos, cornrows, and on-court explosiveness made him an instant icon. Like many NBA stars, Iverson faced financial strain severe enough to trigger bankruptcy. But a recent video about the legend seemingly suggests he suffered another launch, that too, for launching an apparel design for his own brand. But is it true?

In 2012, Iverson famously told then-wife Tawanna Turner he couldn’t afford a cheeseburger during their divorce proceedings. He later filed for bankruptcy that year. Many reported at that time, including endorsements, that Allen Iverson is believed to have earned more than $200 million at this point in his career. His lavish lifestyle—luxury cars, jewelry, and nightlife—soon outpaced his income. Now, let’s talk about the recent video.

A reel on Instagram with anIverson’s voice in the background states, “Allen Iverson is 49. He lost $40 million trying to launch a high-end clothing line, but he couldn’t care less, because he just gave back $100 million to change lives.” However, no credible source confirms Iverson actually lost $40 million on fashion. The video further adds more unconfirmed news regarding Iverson’s spending.

“His donations have provided $5 million in direct aid to struggling families in Virginia. He’s funded $8 million for mentorship programs, helping kids find the right path. And every year, he puts $10 million into youth basketball camps, making sure the next generation has a shot at greatness.” These claims, too, like the previous, remain unverified, but one habit of Allen Iverson that is confirmed was his reckless spending on luxury cars, jewelry, and extravagant nights out. Former NBA player Matt Barnes described Iverson’s extravagance firsthand.

“He’d throw $30,000, $40,000 every time we went.” Matt Barnes told Sports Illustrated that Iverson would often drop sums at s—- clubs. So, what is Iverson’s financial status today?

Allen Iverson on overcoming his issues and his current business endeavors

“I didn’t have a plan, I was 21 years old. I was on the fly, I never had money before in my life,” he told Afrotech. His financial turnaround began with a lifetime deal from Reebok. The deal saw him receive a yearly income of $800,000, and he will scoop a $32 million trust fund when he turns 55 in six years. That Reebok partnership arguably saved his finances. In 2020, he took on the role of Vice President of Basketball at Reebok.

The president of the division is none other than fellow NBA icon Shaquille O’Neal. Both at one point represented the brand during their playing days, and their pairs sold out quickly. Now, both are in executive positions to help bridge the gap between Nike and Reebok. In 2020, Allen Iverson took on the role of vice-president of the basketball division at Reebok. His reported net worth is now $1 million.

While modest, that figure reflects his ongoing financial recovery. In addition to this, Iverson also entered the c——s industry, collaborating with ex-NBA player Al Harrington’s Viola Brands to launch ‘The Iverson Collection’ strain.