NBA legend Magic Johnson becomes fourth athlete to attain billionaire status
Luke Gentile
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NBA Hall of Famer and Los Angeles Lakers legend Earvin “Magic” Johnson became the fourth athlete to become a billionaire.
Johnson’s entry into the club with Michael Jordan, LeBron James, and Tiger Woods was announced by Forbes over the weekend.
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The five-time NBA champion has amassed a personal wealth of $1.2 billion, according to a report, and he has his hands in a myriad of investments, industries, and sports teams.
He holds a minority stake in the Washington Commanders, a 2.3% stake in the Los Angeles Dodgers, and minority ownership of both the Los Angeles Sparks and LAFC, the report noted.
A great deal of Johnson’s business knowledge was learned from former Lakers owner Jerry Buss, he said.
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Buss introduced Johnson, who made $40 million as a player, to many business people, according to the report.
Other holdings by the Hall of Famer include a 50-50 venture with Starbucks relating to cafes in traditionally black neighborhoods and a 60% investment in life insurance company EquiTrust.