Bobby Wagner takes stake in $ 1.2 billion investment platform

Bobby Wagner takes stake in $ 1.2 billion investment platform

Seattle Seahawks middle linebacker Bobby Wagner on the sidelines before an NFL preseason football game against the Denver Broncos on Saturday, August 21, 2021 in Seattle.

Stephen Brashear | PA

The parties told CNBC that National Football League linebacker Bobby Wagner is now a shareholder in social investment platform The Seattle Seahawks will also advise on the company’s program for star college athletes.

Founded in 2019, Public is an investment platform that allows users to buy stocks and promotes financial literacy and stock market awareness. The company said it has raised $ 310 million and investors include venture capital firm Accel, Greycroft and artist firm Will Smith’s Dreamers. The public has a private value of $ 1.2 billion, according to Pitchbook.

Wagner publicly announced the deal at his weekly press conference on Wednesday. The public also said they would hand out free shares to Wagner fans who open an account. The terms of Wagner’s investment were not provided.

In an interview with CNBC on Tuesday, Wagner explained why he invested in the platform. He said he enjoys “what they’re doing, and financial literacy is something that’s important to me.”

Wagner said: “I want people to understand how money works and how people invest.” Then he called the audience a “community” – so you could interact with people about why they are investing in certain things.

Public co-CEO Leif Abrahams told CNBC the company has more than one million users and wants to “expand education around the stock market.”

Seattle Seahawks’ Bobby Wagner # 54 reacts after a touchdown against the Carolina Panthers during the fourth quarter of their game at Bank of America Stadium on December 15, 2019 in Charlotte, North Carolina.

Grant Halverson | Getty Images

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The transaction is another addition to Wagner’s portfolio. In 2020, he joined a technology fund founded by Fuse Venture Partners. The company is looking to invest in Seattle-based start-ups. Wagner joins other investors as a venture capital partner, including former Microsoft executive John Connors and former Amazon executive Satbir Khanuja.

Wagner, 31, is in his 10th season with the Seahawks, having started the 2021 NFL season with a victory over the Indianapolis Colts. Wagner is expected to earn $ 13.1 million this season, as part of a three-year, $ 54 million extension he negotiated in 2019.

As part of the deal with Pubic, Wagner will also be an advisor to his One Team, a program for college athletes who now benefit from their name, image and likeness following a U.S. Supreme Court ruling. this summer. can pick up.

Discussing athletes’ decision making with money, Wagner said he would like to see more players “get out of the mindset of giving it to someone else and letting it be there. ‘invest. Instead, acquire knowledge to be able to. Being able to negotiate rather than being told what to do.

Wagner admitted he was still learning how to grow his wealth, including “how money works and learning what it takes to build a successful fund.” “I’m still learning which stocks are good to invest in, how long should you hold them, and when should you sell them. This partnership is therefore also a learning platform for me.

In Week 1 against the Colts, Wagner recorded a record 13 combined tackles. In week two, the Seahawks play their home opener Sunday against the Tennessee Titans. This will be the first time the Seahawks have hosted fans at Lumen Field for regular season games since 2019. Last season, fans were banned due to the coronavirus pandemic.

“You certainly feel that energy, and we use it to our advantage when we play with teams that we know we can’t. [audible] Likewise because communication is going to be very difficult, ”said Wagner of the returning fans. “It’s a weapon for us, and I’m sure the other teams feel the same.”

Correction: Public was created in 2019. An earlier version misspelled the year.



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