Magnet or magnet means a lodestone; a piece of iron or steel that can attract iron or steel--
We'll put this on the refrigerator with a magnet.
Don't put the magnet near the DVD's.
Magnet may mean something that attracts, in a general sense--
This place is a magnet for office-seekers from all over.
Magnate or magnate means an important or influential person, usually in a particular field or industry--
The press reported the comments of the shipping magnate.
The oil magnate decided to run for office, instead of merely trying to influence the election.
Now that you know that, you can say--
"He admired the speech the manufacturing magnate made, and stuck it to the file cabinet with a magnet."
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