Bobby Wagner receives $ 1.2 billion stake in Public.com investment platform
Seattle Seahawks midfielder Bobby Wagner stands in front of an NFL preseason football game against the Denver Broncos on Saturday, August 21, 2021, in Seattle.
Stephen Brashear | AP
Bobby Wagner, linebacker to the National Football League, is now a capital holder on the social investment platform Public.com, the parties told CNBC. The Seattle Seahawks star will also be recommending the company’s program aimed at college athletes.
Founded in 2019, Public is an investment platform that allows users to buy stock stocks and promotes financial literacy and awareness on the stock market. The company said it has raised $ 310 million, and investors include venture capital firm Accel, Greycroft and entertainment firm Will Smith’s Dreamers. The public is privately valued at $ 1.2 billion, according to Pitchbook.
Wagner announced the deal publicly Wednesday at his weekly press conference. Public has also said it will distribute free stock to Wagner fans starting an account. The terms of Wagner’s investment have not been made available.
In an interview with CNBC Tuesday, Wagner explained why he invested in the platform. He said he likes “what they do, and financial literacy is something that’s important to me.”
Wagner added: “I want people to understand how money works and how people invest.” He later labeled Public as a “community – so you can have conversations with people to get their thoughts on why they are investing in certain things.”
Public co-CEO Leif Abraham told CNBC that the company has more than 1 million users, and wants to “scale education around the stock market.”
Bobby Wagner # 54 of the Seattle Seahawks reacted after a touchdown against the Carolina Panthers during the fourth quarter of his game at the Bank of America Stadium on December 15, 2019 in Charlotte, North Carolina.
Grant Halverson | Getty Images
Adding to his business
The transaction is another one for Wagner’s portfolio. In 2020, he joined a technology fund set up by Fuse Venture Partners. The company wants to invest in top-tier companies based in Seattle. Wagner has joined as a business partner alongside other investors, including former Microsoft executive John Connors and former Amazon executive Satbir Khanuja.
Wagner, 31, is in his tenth season with the Seahawks, who started the 2021 NFL season with a win over the Indianapolis Colts. Wagner has to do it $ 13.1 million this season, part of a three-year, $ 54 million extension he negotiated in 2019.
As part of the deal with Pubic, Wagner will also be a consultant for his One Team, a program aimed at college athletes who can now benefit from his name, image and likeness after a stint. U.S. Supreme Court ruling this summer.
When discussing the athletes ’decision with the money, Wagner said he wants to see more players“ get out of the mindset of giving to someone else and let them make the investment. Instead, gain some knowledge to be able to having a conversation against being told what to do ”.
Wagner admitted that he always gains information on how to grow his wealth, including “learning how funds work, and learning what it takes to have a successful fund,” he said. “I’ve always learned which stocks are good to invest in, how much you have to hold on to them, versus when you have to sell. So this collaboration is a platform for me to learn as well.”
In Week 1 against the Colts, Wagner recorded a maximum of 13 tackles per game. In Week 2, the Seahawks play their home game Sunday against the Tennessee Titans. It will be the first time the Seahawks have welcomed fans at Lumen Field for a regular season game since 2019. Last season, fans were restricted due to the coronavirus pandemic.
“You definitely feel that energy, and we use it to our advantage when we play for teams that we know won’t be able to. [audible] so much so that communication will be much harder, “Wagner said of returning fans.” It’s a weapon for us, and I’m sure other teams will feel the same. “