Magic Johnson - The Fourth Athlete Declared A Billionaire By Forbes
Legendary former LA Lakers basketball player, Magic Johnson, has been officially recognized as a billionaire by Forbes, making him the fourth athlete to enter this exclusive club.
Forbes estimates Johnson's wealth at approximately $1.2 billion, as reported by BBC. The other athletes who have reached billionaire status are NBA peers Michael Jordan and LeBron James, along with golf sensation Tiger Woods.
Magic Johnson's wealth stems from his investments in various companies, including holdings in multiple successful sports clubs across different sports. However, the majority of his wealth comes from his ownership in a life insurance company, as mentioned by BBC.
Magic Johnson Is Officially A Billionaire
The renowned 64-year-old basketball player earned around $40 million throughout his NBA career.
In addition to his sports club investments, Magic Johnson also holds stocks in Starbucks, Burger King, 24 Hour Fitness, and the Equi Trust insurance company.
In a recent podcast, Magic Johnson humorously shared that he could have become a billionaire much earlier. Back in the 1970s, when he entered the NBA, he was offered a deal by Nike that included stock options instead of the Converse deal that paid him $100,000 at the time.
Photo Credit: Magic Johnson / Facebook
Johnson recounted, "Coming from a poor family, sometimes it catches up with you. I didn't even know what stocks were, so I turned down the Nike offer. Can you imagine that stock option they offered me 45 years ago is worth $5 billion today?"
Who is Magic Johnson?
Magic Johnson, whose real name is Earvin Johnson Jr., is a renowned figure in the world of sports and business. He gained fame as a professional basketball player and later made a significant impact as an entrepreneur and philanthropist. Born on August 14, 1959, in Lansing, Michigan, he is best known for his time with the Los Angeles Lakers in the National Basketball Association (NBA). Johnson was a transformative player on the court, known for his exceptional basketball skills and charisma.
Off the court, Magic Johnson's success extended beyond his basketball career. He transitioned into the business world, building a diversified portfolio of investments. He holds a prominent place in the business community, with ownership stakes in various enterprises, including Starbucks, Burger King, and sports clubs. His most substantial investment is in Equi Trust Life Insurance Company, which played a significant role in him reaching billionaire status.
Magic Johnson's life journey, from a legendary basketball career to becoming a successful businessman, is a testament to his exceptional drive and ambition. His inspiring story continues to motivate individuals both in and outside the world of sports.