Magic Johnson, the legendary basketball player and businessman, has officially become a billionaire, according to Forbes. This accomplishment places him in an elite group of athletes who have achieved this milestone.
Key Takeaway
Magic Johnson has been declared a billionaire by Forbes, primarily due to his lucrative investments and entrepreneurial ventures. His diverse portfolio, including a significant stake in EquiTrust, has propelled him into the exclusive billionaire club, alongside other iconic athletes.
A Diverse Portfolio of Investments
Forbes reports that Magic Johnson’s estimated net worth is around $1.2 billion. His wealth comes from a diverse portfolio of investments he has made over the years. Johnson is a partial owner of several professional sports teams, including the Los Angeles Dodgers, the Los Angeles Sparks, MLS’ LAFC, and more recently, the NFL’s Washington Commanders. However, it is important to note that these minority owner stakes are not the primary source of his enormous wealth.
One of Johnson’s most significant investments is a 60% stake in the life insurance company EquiTrust, which he acquired in 2015. Since then, the company has experienced significant growth and profitability, contributing greatly to Johnson’s financial success.
In addition to EquiTrust, Magic Johnson has made other strategic investments that have helped him amass his fortune. He has invested in movie theater chains, partnered with Starbucks, and holds a minority stake in a PepsiCo bottling plant outside of Washington, D.C.
From Athlete to Media Mogul
Besides his successful investments, Magic Johnson is also a media mogul. His recognizable face and name have allowed him to venture into various media-related ventures. This includes appearances and endorsements, further increasing his income and net worth.
In Prestigious Company
Magic Johnson’s inclusion in the billionaire club places him alongside other legendary athletes such as LeBron James, Tiger Woods, and Michael Jordan. It is a testament to his hard work and business acumen that he has achieved this milestone.
