Ryan Reynolds says “emotional investment” is key to his business success
Ryan Reynolds has admitted he’s “no wizard” when it comes to investing – despite raking in millions of dollars from well-timed business gambles in recent years.
More from Fortune: 5 Side Hustles Where You Can Make Over $20,000 Per Year – All While Working From Home Do you want to earn extra money? This CD has an APY of 5.15% right now. Are you buying a house? Here’s how much you’ll save. This is how much money you need to make annually to comfortably buy a $600,000 house
On Monday, Hollywood A-listers appeared on CNBC Squawk Box to discuss his recently announced investment in Canadian fintech company Nuvei.
Reynolds’ investment in Nuvei came just weeks after Mint Mobile, the wireless carrier in which Reynolds held an estimated 25% stake, was sold to telecom giant T-Mobile for $1.35 billion.
He told CNBC on Monday that he knew “nothing about fintech,” despite his investment in Nuvei, a Montreal-based firm that specializes in payment technology.
“Thank God I’m not running the company,” he joked. “My job is storytelling – I think at Maximum Effort our job would be more defined in not necessarily financial investment but emotional investment. If you look at a gin company, a wireless company and a Welsh football club, those things don’t go together if you think about it, but they all have a strong brand foundation.”
The last few years have Deadpool star has built a reputation as a savvy investor thanks to bets on Aviation Gin, Toronto-based password manager 1Password, wealth management firm Wealthsimple and his digital marketing agency Maximum Effort.
In 2020, Aviation Gin was sold in a deal worth $610 million.
“For me, it’s about the creative [approach]- The financial investment side of it I’m no wizard at, it’s the emotional investment side, he told CNBC.
“I’m very fortunate to have an incredible team of people who are looking for exciting and interesting opportunities, places that have a strong brand foundation, that just have so much room to grow in terms of storytelling.”
Reynolds noted that the companies he considered investing in were usually not as mature as Nuvei.
“America gets a lot of credit for innovation, and I think there’s something pretty fun and interesting and a fun story to tell about Canada bending a little bit — this is already a multibillion-dollar global company with an amazing story to tell,” he so. “I think a lot of people are running away from fintech, [but] this is a company we are running against.”
This story was originally featured on Fortune.com
More from Fortune:
5 Side Hustles Where You Can Make Over $20,000 Per Year – All While Working From Home
Do you want to earn extra money? This CD has an APY of 5.15% right now
Buying a house? Here’s how much you can save
This is how much money you need to earn annually to comfortably buy a $600,000 home
