NBA star Giannis Antetokounmpo kept his bucks in half a dozen bank accounts because of the FDIC's $250,000 limit. Billionaire Marc Lasry told him to invest instead.
of Silicon Valley Bank has shone a spotlight on federal deposit insurance, which only extends to $250,000 of a customer's money at a single bank. When Giannis Antetokounmpo first learned of the limit, he opened half a dozen bank accounts to protect his fortune.
on Friday."I had no money growing up, so I asked them, 'Is my money safe?'" he recalled. After finding out about the $250,000 cap, Antetokounmpo promptly opened accounts at"five, six, seven" banks.his reaction to learning of Antetokounmpo's numerous bank accounts at the Bloomberg Wealth Summit last year.
Lasry, a distressed-debt investor, noted that Antetokounmpo's concerns about safeguarding his cash likely stemmed from his childhood in Greece. The Mediterranean country suffered a sovereign-debt crisis in the mid-2010s that stoked fears among citizens that their bank deposits could be seized or lost.
Antetokounmpo has plenty of money to protect and deploy. He netted an estimated $81 million in earnings on and off the court last year,. The magazine ranked him 10th on its list of the world's highest-paid athletes, after the likes of Lionel Messi , LeBron James , and Tom Brady .
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