Magic Johnson, the former basketball star, has officially entered the exclusive billionaire club, according to Forbes. This puts him in the esteemed company of Michael Jordan, LeBron James, and Tiger Woods as the fourth athlete to achieve this impressive financial status. Johnson’s net worth is estimated to be a whopping $1.2 billion, which he has accumulated through his investments in various sports teams and ventures across multiple industries.
One of Johnson’s most profitable investments is his 60% stake in EquiTrust, a life insurance company. It has proven to be a highly lucrative move, with the company’s assets soaring from $16 billion to an impressive $26 billion. This has undoubtedly played a significant role in pushing Johnson’s net worth to billionaire status.
But it’s not all about personal gain for the basketball legend. Johnson has also made a conscious effort to make business decisions that positively impact predominantly Black neighborhoods. Partnering with Starbucks to open cafes and joining forces with Loews to establish theaters in major cities with high Black populations are just a few examples of his efforts to uplift these communities.
With his immense wealth and influential position, Magic Johnson continues to be a driving force in both the sports and business worlds. His journey from basketball superstar to billionaire entrepreneur serves as an inspiration to many aspiring athletes and entrepreneurs alike.