Giannis Antetokounmpo Once Opened Several Bank Accounts Because Of FDIC’s $250.000 Limit
According to Business Insider, Giannis Antetokounmpo opened several bank accounts to protect his money because Silicon Valley Bank, which Antetokounmpo once used, had a $250,000 cap on customers’ money. With this, the NBA All-Star opened six bank accounts.
“I had no money growing up, so I asked them, ‘Is my money safe?’” Antetokounmpo said to Bloomberg, cited by Business Insider.
Marcy Lasry, co-owner of the Milwaukee Bucks, told Bloomberg that she told Antetokounmpo the dangers of his actions.
“I’m like, ‘Giannis, you can’t be having accounts at 50 different banks,” Lasry said to Bloomberg, according to Business Insider. “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…’”
Business Insider also reported that Antetokounmpo’s worry about his money being safe was probably rooted in his childhood. He was raised in Greece during a debt crisis, and many citizens feared that their money would be lost or commandeered.
“There are way smarter ways to do it, keep your money safe,” Antetokounmpo said to Bloomberg, cited by Business Insider.
Business Insider also reported that in 2022 the Bucks superstar earned an estimated $81 million outside of basketball. The report adds that Forbes ranked Antetokounmpo the 10th highest-paid athlete in the world.
Earlier this year, Antetokounmpo and his brothers became minority owners of Major League Soccer’s Nashville SC.
“My father was a professional soccer player, and it was the first sport I fell in love with in Greece,” Giannis said to ESPN. “I’ve always had the dream of owning a soccer team. When my brothers and I explored Nashville SC, we knew it was a team and a city that we wanted to get involved with. I couldn’t be more excited to join the Boys in Gold, and can’t wait to come to a match at GEODIS Park soon!”