Forbes: Magic Johnson Joins the Billionaire Club
Magic Johnson, the iconic NBA player turned successful entrepreneur, has officially joined the billionaire's club, according to Forbes His remarkable journey from basketball stardom to business magnate has propelled him to this extraordinary milestone
According to Forbes, Magic Johnson, a former NBA star and investor, has officially joined the billionaire club, making him the fourth athlete to achieve this status. At 64 years old, Johnson's net worth is estimated to be around $1.2 billion. The majority of his wealth comes from his majority ownership of EquiTrust insurance company, which has experienced significant growth under his leadership, with assets increasing from $16 billion to $26 billion in approximately ten years.
Contributing to his billionaire status are not only his successful investments in sports teams such as the Washington Commanders (NFL), Los Angeles Sparks (WNBA), and Los Angeles Dodgers (MLB), but also his previous ownership of the Los Angeles Lakers from 1994 to 2010.
However, it is important to note that only a small portion of his immense wealth can be attributed to his storied NBA career, in which he played for the Lakers for 13 seasons. He accumulated approximately $40 million in earnings (equivalent to around $110 million today, adjusted for inflation) before his unexpected retirement in 1991 due to his HIV diagnosis.
Johnson has achieved billionaire status, joining the ranks of athletes Tiger Woods, Michael Jordan, and LeBron James, according to Forbes. He has earned money not only from his previous investments, such as a movie theater chain he sold to Loews in 2004 and around 100 Starbucks locations he sold back to the company in 2010, but also from a diverse range of ventures ranging from NFTs to CBD. Additionally, Johnson serves on the boards of Fanatics and Cameo.
