Fixing an aerator pump

One of my aerator pumps outside got wet and now it doesn't work. I took it apart and dried it. Did it fry the motor? It's just magnets so I'm a bit puzzled why water would damage it. Any ideas?

I, personally, have absolutely no idea.  BUT... you might be able to Google for some answers/help.  I did a Google search on aerator pump got wet damage troubleshooting and after a quick perusal of the top results saw this topic - Flooded Pump Box Will pumps be okay?  I'm not sure if this is the same type of pump or your problem, but I thought it might give some helpful information or ideas.  Good luck!!