News July 08, 2020 at 08:00 am

Kevin Durant’s $1m investment turns into $15m profit in four years

Novieku Babatunde Adeola | Staff Writer

Novieku Babatunde Adeola July 08, 2020 at 08:00 am

July 08, 2020 at 08:00 am | News

Photo: New York Times

NBA star, Kevin Durant, is set to hit a jackpot after Uber Technologies began talks to purchase food-delivery business, Postmates. According to Forbes, the deal worth about $2.6 billion will see Durant’s initial $1 million investment in 2016 jump to over $15m.

Still recovering from the ruptured Achilles injury he suffered in 2019 against the Toronto Raptors, this comes as good news at a time when a host of businesses have been left handicapped due to COVID-19.

Speaking to ESPN in an interview in 2016, Durant said he only discovered Postmates while weighing options for food with his agent and business partner, Rich Kleiman.

According to Sportscasting, Kleiman introduced Postmates to Durant and immediately a contact was made, which eventually culminated into business. Durant has invested more than $15 million into 40-startups.

“I want to use the checks I get from companies to create true generational wealth,” he told Forbes in an interview.

According to Durant, his gains on paper had topped 400% as of late 2019.

Durant’s company, Thirty-Five Ventures, co-founded with Kleiman, has 15 full time employees, focusing on KD’s investments, endorsements, and other media activities.

According to the company’s website, Thirty-Five Ventures serves as the umbrella for all of their business interests across sports, tech, culture, and more.

The media wing has created a host of award-winning content with the likes of Showtime, Apple, and Youtube.

Forbes reported that Durant is the world’s seventh highest-paid athlete with an income of $64 million. The two-time NBA champion is reportedly worth $170 million.

In June, Durant was also reported as an investor in Major League Soccer’s team Philadelphia Union after purchasing a 5 percent stake in the club. According to Forbes, the 31-year-old wants to own an NBA team.

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