Magic Johnson now 4th athlete to become a billionaire

Photo Creds: Architectural Digest

Magic Johnson, NBA Hall of Famer, is now the 4th athlete to be worth $1 billion, according to Forbes. The 64-year-old former Lakers player is now listed among other greats like Michael Jordan, Tiger Woods, and Lebron James in the 10-figure club.

Johnson, whose career started in 1979, has amassed a legendary status within the NBA. However, this NBA status didn’t ultimately lead him to his financial success. As the 12-time All-Star amassed an immense wealth of career success and made up to $40 million while playing, as mentioned by CBS News reporter Andrew Laub, his financial success would come from his business ventures and investments.

Currently, Johnson is the co-owner of both the Los Angeles Dodgers and the LAFC. Johnson is also a minority owner in the Los Angeles Sparks and was a minority owner in the Los Angeles Lakers before selling his ownership in 2010, according to Boardroom.TV.

Additionally, with his company Magic Johnson Enterprises, founded in 1981, Johnson has been able to work with large clients to help with marketing brands, community investment, and partnerships. With all these ventures, Johnson has a now $1.2 billion net worth. According to Johnson, however, this could’ve been an even more considerable amount.

Johnson, earlier in the year, went on the “All The Smoke” podcast, where he detailed a Nike deal offered early on in his career. The deal, which would see the basketball player be paid $1 for every shoe sold and have 100,000 shares in company stock, was passed on at the time. Johnson goes on to talk about how, in hindsight, the deal would’ve led to a more enormous profit later on in life. “Can you imagine? Forty-five years, $5 billion that stock would’ve been worth today,” Johnson said.

Nevertheless, the retired basketball player is now one of the lucky few who have surpassed a $1 billion net worth. Johnson, in a phone interview with the LA Times, talked about how joining Michael Jordan, Tiger Woods, and Lebron James made him feel good. “I admire them and respect them so much because they keep going.They are growing their brand. They are growing their companies,” Johnson said.  Johnson also believes that the late Kobe Bryant would’ve been in the club as he was “heading in that direction already,” he said to the Times. Johnson also told the Times that he is happy that he is able to provide black people the ability to become millionaires and help reach back within his own community.