Former N’Sync front man and Mickey Mouse Club kid, pop superstar Justin Timberlake is now making a name for himself in the business world. Earlier this year, Timberlake starred in a Superbowl commercial for Bai beverages. Not only is he using his famous face to endorse the product, but he was also an early investor in Bai, fostering a lucrative partnership with the company, which was estimated to earned $300 million last year. It’s almost like Justin Timberlake investments can’t go wrong- except when they do.
This is not his first foray into investing, however. People of a certain age might remember MySpace, the social networking site most popular in the mid-2000s that became the forerunner to just about all other social media applications, including Facebook. More recently, MySpace has reinvented itself, growing into a destination for original shows, videos and music, but what spurred the change?
As MySpace withered in the blinding glare of Facebook’s rising star, it found a new purpose, thanks to Timberlake. The Emmy- and Grammy-winning artist was brought on by Specific Media in its 2011 purchase of MySpace — partly to help form a new creative strategy. [Editor’s Note: Do tangibles out perform stocks and bonds?]
According to CNET, Timberlake also co-owns the clothing brand William Rast and created 901 Silver Tequila. The artist, who — fun fact — loves playing golf, at one time owned Mirimichi Golf Course in Memphis, Tenn., as well. Timberlake had also invested in photo startup Stipple and app developer Tapulous.
Mirroring the trajectory of Sean Parker, the role Timberlake played in “The Social Network,” he has had his share of failures. Stipple, for example, eventually went dark; Tapulous, too, shut down in 2014 after being acquired by Disney; and MySpace has not exactly risen from the dead – being sold again to Time Inc., in 2016.
Timberlake’s wife, actress Jessica Biel, is also an entrepreneur in her own right. She is a partner in an organic kid-friendly restaurant in West Hollywood, and an investor in a company that makes high-tech baby cribs.
But, in spite of any setbacks, Timberlake remains a mega star. He also continues to invest in what he loves, which Financial Poise and CNBC’s Steve Sedgwick (here) recommend as sound practice overall and the best place to begin.
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