According to “Forbes”, “Magic” Johnson just joined the billionaire club.
Earvin “Magic” Johnson joins three other athletes on the list: James LeBron, Tiger Woods and Michael Jordan.
In 1991, Johnson retired from the NBA after being diagnosed with HIV. At a press conference in November 1991, he also announced that he would become a spokesperson for AIDS prevention.
Forbes currently estimates Johnson’s worth at $1.2 billion. In addition to his business interests, he became a media celebrity.
The NBA Hall of Famer has made numerous investments in different industries. He owns stakes in multiple sports teams, most of which are located in the Los Angeles area, such as the WNBA’s Los Angeles Sparks, MLB’s Los Angeles Dodgers and MLS’s LAFC. He also owns a stake in the NFL’s Washington Commanders.
EquiTrust accounts for the largest portion of the former athlete’s net worth. Since he bought a 60% stake in the insurance company, its assets have surged from $16 billion to $26 billion. The company’s annual revenue is approximately $2.6 billion.
Johnson’s other investments include a chain of cinemas with Lowes. He opened movie theaters in predominantly black neighborhoods in Los Angeles, Atlanta, Houston and New York City. He also has a 50/50 joint venture with Starbucks to open a coffee shop in the same neighborhood.
As a member of the Lakers, he earned $40 million (approximately $110 million adjusted for inflation). Another Lakers billionaire, LeBron James, has earned $479 million since joining the NBA in 2003.
Johnson began his NBA career in 1979 as the No. 1 overall pick. He is a three-time MVP and a three-time NBA Finals MVP. During his time with the Lakers, the Lakers won five championships between 1980 and 1988.