NBA legend and businessman, Magic Johnson, has officially entered the esteemed billionaire club, joining the ranks of only a few athletes who have achieved this impressive financial milestone, according to Forbes.
Forbes recently updated their estimate of Magic Johnson’s net worth, officially recognizing him as a billionaire with an estimated fortune of around $1.2 billion. Johnson’s substantial wealth has been amassed through a diverse portfolio of investments he has made over the years.
Notably, Magic Johnson is a partial owner of several professional sports teams, including the Los Angeles Dodgers, the LA Sparks, the MLS’s Los Angeles Football Club (LAFC), and more recently, the NFL’s Washington Commanders. However, his minority ownership stakes in these franchises are not the primary sources of his substantial wealth.
The linchpin of Johnson’s financial success is his 60% stake in EquiTrust, a life insurance company he acquired in 2015. Since his investment, the company’s profits have soared, substantially contributing to Magic’s impressive net worth. In addition to EquiTrust, Johnson has ventured into various other lucrative investments. These include ownership stakes in movie theater chains and a longstanding partnership with Starbucks. He has also secured a minority stake in a PepsiCo bottling plant located outside of Washington, D.C.
Magic Johnson’s influence extends beyond his investments, as he has become a media mogul and an instantly recognizable figure. His public persona and widespread appeal undoubtedly play a role in securing lucrative appearances and business opportunities.
With his newfound billionaire status, Magic Johnson joins an elite group of athletes that includes LeBron James, Tiger Woods, and Michael Jordan, who have also achieved this financial milestone. Johnson’s journey to billionaire status has been a testament to his business acumen and hard work, marking a well-deserved milestone in his illustrious career.
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Written by
Derek Chan – Editor
