Giannis Antetokounmpo spread wealth across multiple US banks due to FDIC’s $250k deposit limit

Giannis Antetokounmpo isn’t only seeking new ways to win on the court but also off it, as Bucks owner Marc Larsy advised the two-time NBA MVP to invest his money in US treasuries and other assets, rather than to spread his wealth across multiple bank accounts because of the FDIC’s $250,000 limit.

Having moved stateside from Greece at only 18 years of age in 2013, Giannis, now 28, recalls when he opened half a dozen bank accounts to safeguard his fortune after learning of the standard deposit insurance coverage limit in the US. 

‘I had no money growing up, so I asked them, ”Is my money safe?”’ said Giannis, who’s reportedly made $80.9M in earnings since being drafted nearly a decade ago, according to Forbes. 

Since February, when Silicon Valley Bank unexpectedly filed for bankruptcy, many consumers have questioned the FDIC’s consumer protection strategy and the ‘Greek Freak’ is no different, confessing that after finding out about the $250,000 cap, he opened accounts at ‘five, six, seven’ other financial institutions. 

Marc Lasry, co-owner of the basketball franchise which has Antetokounmpo on its books – the Milwaukee Bucks – was left baffled when he initially learned of the power forward’s numerous bank accounts at the Bloomberg Wealth Summit last year. 

Bucks forward Giannis Antetokounmpo initially feared that the US government might take his fortune when he first moved to America from Greece when he was 18 in 2013

Silicon Valley Bank’s unexpected filing for bankruptcy has shed a spotlight on the federal deposit insurance limit of $250,000 in the US

Bucks co-owner Marc Lasry, who’s worth $2.1B, advised ‘the Greek Freak’ to invest in treasuries

‘I’m like, ”Giannis, you can’t be having accounts at 50 different banks,” said Lasry, who’s worth an estimated $2.1B, ranking as the individual with the 1,426th highest net worth in the world, according to Forbes.  

‘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 US Treasuries, you should buy this…’

Lasry, a hedge fund manager with a particular interest in distressed debt investing, claims that Antetokounmpo’s fear of losing his wealth is likely tied to his childhood, which he entirely spent in Greece after his parents immigrated from Nigeria before the star was born.  

Greece defaulted on a debt of $1.7B to the IMF in 2015. The financial crisis was largely the result of structural problems that ignored the loss of tax revenues due to systematic tax evasion, leaving the country’s citizens in fear of losing their bank deposits. 

Seeing his homeland’s economy severely suffer has made Antetokounmpo act on Lasry’s advice, as the 2021 NBA champion seeks to expand his financial literacy.  

‘There’s way smarter ways to do it, keep your money safe,’ the seven-time All-Star told Bloomberg, adding that he’s been learning new financial strategies to expand his portfolio since the pandemic. 

On Friday, Antetokounmpo launched his exchange-traded fund (EFT) in partnership with investment management firm Calamos Investments

The ‘Greek Freak’ is also listed 10th on Forbes’ list of the world’s best-paid athletes this year

Antetokounmpo has plenty of cash to sit on, having earned $39.9M in salary, while receiving $41M through endorsements, such as Nike, Google, JBL and Meta, per Forbes.  

The magazine has the ‘Greek Freak’ listed as 10th on its list of the world’s best-paid athletes, following the fortunes of Lionel Messi ($130M), LeBron James ($121M), and Tom Brady ($84M).

Lately, Antetokounmpo has been venturing off the court to launch his exchange-traded fund (EFT), partnering with investment management firm, Calamos Investments.   

The 2021 NBA Finals MVP was on Wall Street on Friday to launch the NYSE-listed fund — a suite of environmental, social and governance funds.