In addition to being twice inducted into the Naismith Memorial Basketball Hall of Fame (in 2002 for his career and again in 2010 as a member of the “Dream Team”), Johnson was named to the 50 Greatest Players in NBA History in 1996 One of them was selected to the 2021 NBA 75th Anniversary Team by Sports Illustrated.
Since retiring from basketball, Johnson has made impressive strategic moves, using his influence to increase his wealth and social capital. Here’s what you need to know…
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What companies has Magic Johnson invested in?
Beloved for his charisma and outgoing personality, Johnson continued to invest in sports and continue to represent Black excellence in the field. He and his billionaire business partner Mitch Rales became part of the new ownership group of the Washington Commanders in July 2023, NBC News reported.
But this isn’t the businessman’s first rodeo, as Front Office Sport reports he already owns stakes in the NFL Commanders, MLS Los Angeles FC, WNBA Sparks, MLB Dodgers and Team Liquid esports team.
His net worth is estimated at $1.2 billion, according to Forbes, and his wealth has grown since his retirement after investing in several business ventures, including movie theaters, Starbucks franchises and real estate. The bulk of his wealth comes from a 60% stake in life insurance company Equitrust, which has grown assets under management from $16 billion to $26 billion since the former athlete took over in 2015, according to the same source.
What does Magic Johnson think of Michael Jackson?
The star later spoke about the time he and MJ had dinner together to discuss business: “When I went to his house to discuss it, we were given food and I wanted to impress and eat healthy, so I ordered grilled Chicken. Our food came and I couldn’t believe Michael ordered a bucket of KFC!”
Johnson added that Jordan shared his chicken — and that’s when he knew how similar they were.
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Who are Magic Johnson’s long-term celebrity friends?
Per People, Jordan, Jackson and Judge Greg Mathis joined Johnson and his family on his impressive yacht, which sailed and docked across Europe in 2023, including in Greece, Italy and France.
How does Magic Johnson give back?
Johnson has always been known as a big-hearted person who shares his time and resources with the community. When he’s not running food or clothing donations, he’s wooing major conglomerates to support causes he cares about.
In March 2023, he joined Sideline RSV and used his fame to raise awareness about respiratory syncytial virus (RSV). Sideline RSV is a health education campaign by pharmaceutical company GlaxoSmithKline (GSK) to raise awareness among older adults and their loved ones about the risks of RSV, a common infection of the lungs and respiratory tract, according to its website Viruses that can cause mild symptoms similar to a cold.