This Is The Richest Contestant After Selling His Product On Shark Tank

Shark Tank is the most successful show of its kind in reality TV history and years after it first premiered in 2009, it’s still a program unlike any other. On Shark Tank, business owners, and aspiring entrepreneurs come on the show to make a pitch of a lifetime to several sharks, a.k.a. potential investors and business partners. These include Dallas Mavericks owner Mark Cuban, real estate tycoon Barbara Corcoran, venture capitalist Kevin O'Leary, fashion empire owner Daymond John, QVC queen Lori Greiner, and tech inventor and businessman Robert Herjavec.

Over the years, these sharks have heard pitches for all sorts of products/services and invested millions in some of these businesses. Some deals have lost the sharks a lot of money while others have paid off big time. These include Robert's stake in The Tipsy Elves, Barbara’s backing of The Original Comfy, and Lori’s big gamble on Scrub Daddy.

That said, no shark investment has earned more than John’s share in the comfort socks business Bombas, which has already reached over $1 billion in lifetime sales.

This article will get into Shark Tank's most successful contestant, and give an update on how Bombas is doing today. Following that, we will reveal the one company that was offered a bigger deal than Bombas.

Updated November 2024: This article has been updated to reflect the most recent information regarding who the richest contestant is after selling his product on "Shark Tank".

‘Shark Tank’ Turned Bombas Into A Billion-Dollar Company

Bombas is the biggest success story to come from Shark Tank

Bombas founders on Shark Tank — Bombas founders David Heath and Randy Goldberg appear on Shark Tank

So far, Bombas has become the biggest success story on Shark Tank. Sure, several products went on to make a fortune with the help of a shark, but no product has done better in the show’s history than Bombas socks.

Years after appearing on the show in 2014, the company has already made $1 billion in lifetime sales. Interestingly, too, its founders Randy Goldberg and David Heath almost walked out of the show without a deal.

When Bombas co-founders Randy and David appeared on Shark Tank, it seemed like things could go either way. On the one hand, the men had something unique to offer: a chance for a shark to invest in a sock business that is also an advocacy. The company donates socks for every pair sold.

Since Bombas launched its business, the company has also had respectable sales. However, after nine months in the market, their month-on-month growth has “plateaued.” Randy and David knew they could use more money to hire more salespeople. On the show, they asked for $200,000 for a 5% stake in their company.

Initially, the sharks weren’t happy. Lori, for starters, believed that Bombas shouldn’t be spending on hiring more people and that’s why she couldn't back them. Meanwhile, Mark didn’t think they should have already been plateauing while Robert couldn’t envision the company’s future. They both went 'out', along with Kevin, who also questioned Bombas’ $4 million valuation.

That left Draymond Initially, the Fubu founder was also not convinced that the company was already valued at $4 million. He was ready to turn them down but then, Kevin convinced David and Randy to bring down their valuation. With the new valuation at $2 million, Draymond offered them $200,000 for a 17.5% stake in Bombas. He also further offered to finance their inventory on top of the $200,000. They eventually struck a deal.

Is Daymond John Still With Bombas?

Yes, Draymond John is still a stakeholder in Bombas

Bombas founders Bombas founders David Heath and Randy Goldberg on Shark Tank — Bombas founders Bombas founders David Heath and Randy Goldberg present their socks on Shark Tank

Years after Randy and David made a deal with Draymond on Shark Tank, their partnership remains strong. In fact, Draymond had nothing but nice things to say about the Bombas co-founders during an interview with Entrepreneur in October 2023. While speaking with the publication, the Shark Tank star praised the two men for their unwavering commitment to both their mission and business.

“The company's extreme focus has been a key driver for growth,” Draymond explained.

“They knew they needed to focus on building the business in a sustainable way to truly take advantage of this Shark Tank tidal wave.”

Meanwhile, looking back on their time on the show, Randy and David also knew that there was no better shark to partner with than Draymond. The men agree that he was “one of the few sharks that understood the mission.”

At the same time, Draymond has continued to help promote Bombas whenever he could. Back in April 2024, the FUBU founder even took to his LinkedIn page to promote the company’s Black Hive Collection. It features designs inspired by the Caribbean lifestyle that the company’s black employees worked on. Draymond even included a photo of himself putting a pair on.

Meanwhile, he also took some time to praise Bombas for its continuous mission to support homeless shelters through its products. According to Draymond, it has “set a new standard for what it means to be a socially responsible company.”

On the other hand, it’s also worth noting that Bombas hasn’t really said much about its partnership with Draymond years after they started working together. Sure, Randy and David did make an appearance in the follow-up series Beyond the Tank later on. But since then, the three men haven’t done any major appearances together.

At the same time, Bombas hasn’t mentioned their shark investor and business partner on social media since 2016, when they revealed a limited edition collection of Daymond John x Bombas Socks. That said, the company hasn’t stopped raving about Shark Tank, even giving a special shout-out to the spin-off Shark Tank Bangladesh.

One Company Who Appeared On ‘Shark Tank’ Has Scored A Bigger Deal Than Bombas

The company that would eventually become Ring was offered to the sharks on Shark Tank

Back in 2011, Jamie Siminoff created the very first doorbell with WiFi video that connects to a smartphone in his garage. Just a few years later, in 2013, he went on Shark Tank to secure $700,000 for a 10% stake in his company, Doorbot.

While on the show, Jamie conducted a product demo for the sharks. However, they failed to understand what makes the product stand out. More importantly, they also remained unconvinced about its market potential.

One by one, the sharks turned Jamie down except Kevin who offered $700,000 with a 10% royalty, which went down to 7% once he recouped the $700,000. On top of that, he also wanted 5% of the company’s equity. Jamie and Kevin continued their negotiations for some time, but eventually, Jamie decided to decline his offer, walking away from the show without securing a shark.

Mark Cuban invested $400,000 into a Shark Tank pitch for Youthforia, a dynamic makeup brand, and his money (and more) may just return back to him.

Most of the time, nobody knows what happens to businesses that fail to secure a deal on Shark Tank. But that wasn’t the case for Jamie and Doorbot.

Just several years later, his business attracted other sharks, even securing funding from Richard Branson. Not long after that, Jamie also received an offer from Jeff Bezos’ Amazon for his entire business. The deal was estimated to be worth $1 billion.

Since then, Jamie’s Doorbot has become Ring, a business offering all kinds of home security systems, including outdoor cameras, indoor cameras, lighting, alarms, and, of course, doorbells. As for Jamie, he stayed with Ring for some time before eventually leaving the company to pursue other ventures.

Years later, Jamie also made a return to Shark Tank, this time as a guest shark. On the show, Jamie famously invested in farmer Lucinda Cramsey’s ethical meal company Moink Box, even offering the business more money than Lucinda was asking for. That partnership has since remained strong.

Meanwhile, Jamie has also become a guest shark on the show several more times.