From 1992 to 1996 he managed the Fidelity Magellan Fund. He then started the hedge fund Vinik Asset Management before closing it down in 2013 and distributing $9 billion in assets. He purchased the Lightning in 2010 from Oren Koules and Len Barrie, paying $170 million. He then purchased the Tampa Bay Storm arena football team in 2011 but it folded in 2017. Vinik has donated millions to Duke and also to build a Jewish Community Center in Tampa.