Giannis Antetokounmpo isn’t just paid — he’s paid so well that he needs to put his money everywhere.
Here’s the story: the FDIC (Federal Deposit Insurance Corporation) only insures individual accounts for up to $250,000. What that means is that if a bank fails, the FDIC steps in and pays back the account holder for up to $250,000, so they don’t lose their money.
“Coverage is automatic whenever a deposit account is opened at an FDIC-insured bank,” reads the federal agency’s official website. “If you want your funds insured by the FDIC, simply place your funds in a deposit account at an FDIC-insured bank and make sure that your deposit does not exceed the insurance limit for that ownership category.”
And while Giannis Antetokounmpo seems to have made a smart business move, on the surface, Lasry advised his player that this wasn’t a good idea.
“I spend a lot of time with them explaining where they should invest,” the billionaire hedge fund manager said. “I’m like, ‘Giannis, you can’t be having accounts at 50 different banks. Let me tell you something, if JPMorgan goes under, your little dinky banks are going to go under too. Let me explain what you should buy, you should buy U.S. Treasuries, you should buy this’.”
While it’s unclear whether Giannis Antetokounmpo followed the advice, what’s clear is that he’s made more than $140 million in salary just from his NBA career alone.
That’s a whole lot of bank accounts.
What is Giannis Antetokounmpo’s net worth?
As AfroTech previously reported, the “Greek Freak” has an estimated net worth of $70 million. Our previous report also revealed that he’ll be getting a salary bump thanks to the five-year, $228 million extension that he signed with the Bucks. And that net worth also takes things like endorsements and other investments into account.