He's reportedly earned over $75 million (around £59 million) from his career, and is potentially looking to invest it in the startup world. "[I'd love to] take a little risk," says Phelps, "have some fun and see where it goes.”
Phelps hasn't mentioned any specifics yet–though he says he's been getting advice from venture capitalists and investors in Silicon Valley startups. He's already invested in several companies, including sportswear brand Under Armour and American cereal Wheaties, but has yet to dip his toes into the tech world.
If Phelps does decide to invest his swimming fortune in Silicon Valley startups, he'll be joining a growing list of celebrities: rapper and producer Dr Dre, whose Beats empire was sold to Apple for $3 billion (£2.3 billion) in 2014, and actor Ashton Kutcher, who co-founded an investment fund in 2010 that helped out companies like Uber, Spotify, and AirBnB.
Though other celebrities and sports personalities have made less-than-wise investments in the past, Phelps hopes to be one of the success stories.
"I am getting my feet wet," Phelps says. "2017 will be a big year." [APNews]