Magic Johnson becomes fourth athlete to earn billionaire status

Magic Johnson becomes fourth athlete to earn billionaire status،

Anthony Gharib, ESPNOctober 30, 2023, 10:25 p.m.

NBA Hall of Famer and businessman Earvin “Magic” Johnson is officially a billionaire, according to Forbes.

Johnson joins Michael Jordan, LeBron James and Tiger Woods as the fourth athlete to achieve billionaire status. Earlier this year, he added a minority stake in the Washington Commanders to his portfolio. He also owns a 2.3% stake in the Los Angeles Dodgers and a minority stake in LAFC and Los Angeles Sparks.

Forbes estimates Johnson’s net worth at $1.2 billion due to his stakes in teams and investments in various industries.

During Johnson’s 13-season career with the Los Angeles Lakers, he earned just $40 million ($110 million when adjusted for inflation). However, he was often ahead of the game, as former Lakers owner Jerry Buss taught him business and had Johnson meet with various businessmen in Los Angeles, Johnson told the Los Angeles Times in 2013.

Johnson’s 60% investment in life insurance company EquiTrust makes the most of his net worth. EquiTrust’s assets grew from $16 billion to $26 billion, with annual revenues of about $2.6 billion, according to Forbes.

Some of Johnson’s business decisions also focused on helping predominantly black neighborhoods.

He has a 50/50 venture with Starbucks to open coffee shops in black neighborhoods and a partnership with Loews to open theaters in major cities with large black populations like New York, Los Angeles, Atlanta and Houston, according to Forbes.