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If you have even a passive interest in sports, professional fighting , or mixed martial arts, you’re undoubtedly aware of the UFC, which shattered records in 2023 as the largest MMA promotion in the world. The entity, whose title is short for Ultimate Fighting Championship, is one of the largest subsidiaries of Endeavor Group Holdings, which owns such massive companies as the Asylum Entertainment Group, TKO Group Holdings, and Professional Bull Riders. As of 2024, the UFC has ballooned its market capital to record highs , and run more than 700 events worldwide. According to BetMGM , the UFC is currently valued at a net worth of over $12 billion, with expectations to continue growing as the years carry on. Given that the outlet is so successful, it only makes sense that we perform a deep dive into the history and financial security of the business. Any entity which balloons from a humble MMA showcase to a multi-billion industry in the span of just 30 years is absolutely worth...
From Dennis Rodman to Ja Rule, celebrities are just like us in that they, too, can make bad financial investments. Most recently, AfroTech told the story of NBA player Tim Duncan, whose scamming financial adviser cost him more than $20 million. Yet, most interestingly of all, Duncan remained unbothered by his ex-adviser’s behavior. “Luckily I had a long career and made good money. This is a big chunk, but it’s not going to change my life in any way. It’s not going to make any decisions for me,” he said. But while the likes of Tim Duncan can easily bounce back from bad financial investments, not every celebrity is quite as lucky. These celebrities made bad financial investments — let’s take a look at how it worked out for them.
Tim Duncan was one of the biggest NBA superstars in the early 2010s. But in 2013, he enlisted a financial advisor. And according to Bleacher Report, that’s when all the problems began. The outlet confirms that thanks to a series of bad investments by his financial advisor, Charles Banks IV of Atlanta, Duncan was defrauded out of more than $20 million. What’s more, thanks to his role in the fraud, Banks was sentenced to a four-year prison sentence for wire fraud in 2017, per the San Antonio Current. Despite the loss, Tim Duncan is completely unfazed. “Luckily I had a long career and made good money. This is a big chunk, but it’s not going to change my life in any way. It’s not going to make any decisions for me,” he said to Bleacher Report. That said, Duncan still felt the sting of betrayal by Banks, whom he counted on to follow through on an investment that would help him “make a living that would last [him] for the rest of [his] life.” Instead, Duncan and his attorneys said there...