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Business acumen is not always about making profit, but saving major losses, too, and that sort of masterstroke is what has reaffirmed Shaquille O’Neal as a business tycoon of sorts. The move in discussion is Shaq’s $1.8 million settlement over his promotion of the fallen crypto exchange FTX. He was paid $750,000 to promote FTX and he faced an overall loss of $1.05 million. What makes this loss a blessing in disguise, you ask? The answer came from a report published by Front Office Sports.
As per the FSO article, the remaining athletes and celebrities in the litigation, “including Tom Brady, Steph Curry, and David Ortiz—could still be on the hook for billions in total damages.” Meanwhile, Shaq has already closed his chapter. Adam Moskowitz, who represents the FTX investors, explained to FOS that the early settlement was made possible thanks to a trusted relationship with Shaq’s legal team. These were the same attorneys who had represented him in a previous matter and later stepped in for this case, too. But what exactly went wrong with the whole FTX endorsement fiasco?
Here’s where things get murky. A number of high-profile figures appeared in commercials, shared glowing posts on social media, and encouraged their fans to invest, without fully understanding what was happening behind the curtain. Turns out, FTX was reportedly mismanaging customer funds and covering up massive financial losses. And under U.S. securities law, if you’re promoting an investment, you either need to be registered or go through someone who is. Many of these endorsements didn’t meet that bar. That makes Shaq’s early exit from the case look like a win, despite the million-dollar loss. His ability to cut losses and avoid greater risks didn’t go unnoticed, either.
After successfully navigating his exit from the whole FTX ordeal, he’s been tapped as the keynote speaker for a major upcoming event in Pennsylvania. The Pennsylvania (PA) Chamber’s 41st Annual Dinner, set for October 6 at the Hershey Lodge, will have none other than Big Diesel headlining the night.
“This is Big news, literally and figuratively, and we couldn’t be more excited,” said PA Chamber President and CEO Luke Bernstein, per Central Penn Business Journal. “Shaquille O’Neal’s larger-than-life presence, incredible business acumen, community-minded spirit, and infectious energy make him the perfect headliner for Pennsylvania’s premier event. From the basketball court to the boardroom, DJ booths to TV studios, Pennsylvania-based brand partnerships and restaurant ventures, Shaq’s body of work embodies his mantra – ‘The Business of Fun.’ This will be a slam dunk evening!” And really, who better to take the mic?
Even with a lifestyle that screams luxury, Shaq has managed to stretch his $292 million in NBA earnings into an empire reportedly worth half a billion dollars by 2025. If anyone knows how to pivot from sports to success, it’s him. Unsurprisingly, Shaq’s pumped about the opportunity. “Success in business, like basketball, takes teamwork, hustle, and heart,” said O’Neal. “I’m looking forward to sharing what I’ve learned on and off the court at the PA Chamber Annual Dinner.”
Feb 13, 2024; Orlando, Florida, USA; Shaquille O’Neal during a ceremony to retire his #32 jersey at Amway Center. Mandatory Credit: Mike Watters-USA TODAY Sports
What makes him one of the most qualified candidates for the honor? Well, it’s been over a decade since Shaq played his last NBA game, but he’s still everywhere—on TV screens, business conferences, and fast food chains. At this point, Shaq isn’t just playing the business game—he’s dominating it. From his investments in various business franchises to being the president of Reebok Basketball, he’s as famous after retirement as he was during his playing days. Now that Shaq has gotten himself out of the FTX mess, the focus shifts to the other celebrities involved with the crypto exchange.
How will other athletes be affected in the FTX case?
The former Los Angeles Lakers star may have just dodged a legal bullet, but the FTX storm is far from over. Especially for the many big names still caught in its wake. After Shaquille O’Neal finalized a settlement in late April, the judge overseeing the consolidated FTX lawsuits—now bundled into one massive case in a Florida federal court—dismissed several claims against celebrity endorsers in early May. But don’t mistake that for a complete walk-away. A few serious accusations are still on the table, including one under Florida law that targets the sale of unregistered securities.
“Shaq got in right under the wire a few days before that order came out,” Moskowitz, representing FTX investors, told FOS. “We gave him a good deal because it was before the order came out. He basically refunded what he was paid.” That early timing might just prove priceless. Meanwhile, other high-profile figures—from Tom Brady and Steph Curry to David Ortiz and Gisele Bündchen—are still very much in the legal spotlight. The list even includes MLB superstar Shohei Ohtani, retired NBA player Udonis Haslem, tennis champ Naomi Osaka, comedian Larry David, and Major League Baseball itself.
And here’s the kicker: Moskowitz has warned that fighting this out in court could end up draining their pockets. “Other celebrities wouldn’t even sit down with us,” he said. To make matters worse for them, the FTX investors returned on May 28 with a revamped, 500-page-plus complaint, insisting celebrity endorsers aren’t off the hook. Their message is clear—saying I didn’t know isn’t going to cut it. While some major drama still awaits, Shaquille O’Neal will have his peace of mind and will likely be sharing insights at the PA Chamber dinner.
The post Shaquille O’Neal Makes a Promise to Pennsylvania Government & Leaders After Closing $1.8M FTX Drama appeared first on EssentiallySports.
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