Magic Johnson Joins the Billionaire Athlete Club
Former basketball icon Magic Johnson has been declared a billionaire by Forbes. He now stands as one of the select few athletes to attain this financial milestone, alongside sports legends Michael Jordan, LeBron James, and Tiger Woods.
Forbes estimates Johnson's wealth at an impressive $1.2 billion. While Johnson initially earned his millions during his basketball career in the 1980s and 1990s, with his time playing for the Los Angeles Lakers bringing in around $40 million, it was his off-court investments that catapulted him into the billionaire stratosphere.
Among his ventures, Johnson holds stakes in a range of renowned brands and sports franchises. He's a partial owner of Los Angeles sports teams, including the Women's NBA's Los Angeles Sparks, the Major League Baseball's Los Angeles Dodgers, and football's LAFC. He also possesses shares in Pepsi bottling, Starbucks, and Burger King among others.
However, the largest chunk of Johnson's wealth comes from his substantial 60% stake in the life insurance company EquiTrust, which he acquired in 2015. This company boasts annual revenues of more than $2.5 billion.
In a podcast earlier this year, Johnson reflected on missed opportunities, sharing how he could have become a billionaire sooner if he hadn't turned down shares in Nike back in the 1970s. Instead, he opted for a $1 million deal with Converse, a decision that cost him a substantial fortune in Nike stock.
With his recent billionaire status, Magic Johnson's financial journey is not only a testament to his business acumen but also a testament to his enduring legacy as one of the greatest basketball stars of all time.
