The twelve-time NBA All-Star Magic Johnson Magic Johnson has now been reportedly declared a billionaire by Forbes.
The five-time NBA champion and one of the greatest point guards in the NBA, Johnson, has become the fourth athlete to make his mark on the billionaire list. Now he joins the elite club, which includes athletes such as Michael Jordan, LeBron James, and Tiger Woods.
Magic Johnson Is Now A Billionaire https://t.co/0RThNmyICS by @MrMattCraig pic.twitter.com/fduJYZuKTX
— Forbes (@Forbes) October 29, 2023
The point guard went on to create history in the NBA and became one of its legendary players. His current net worth, estimated by Forbes, is $1.2 billion. He was selected as the first overall pick from Michigan State in the 1979 NBA Draft.
Magic Johnson is officially a billionaire! He becomes the 4th athlete to become a Billionaire according to Forbes. Joining Tiger Woods, MJ & Lebron. pic.twitter.com/m1mXcDKJz3
— SAY CHEESE! 👄🧀 (@SaycheeseDGTL) October 29, 2023
According to Forbes, the famed point guard made $40 million throughout his NBA career. However, the rest of the money came to him after his playing career was concluded. His astute investments in a variety of markets made him an incredible businessman.
Magic Johnson has invested in three sports teams based in Los Angeles, including the MLB"s Los Angeles Dodgers, the WNBA"s Los Angeles Sparks, and the MLS"s Los Angeles FC.
He has also made investments in the NFL with the Washington Commanders. The point guard also owns investments in Burger King, Starbucks, EquiTrust life insurance, and 24-Hour Fitness.
Earlier this year, Johnson also revealed this on the All The Smoke podcast and said, "My family didn"t come from money, that"s one thing that hurt us sometimes. When you don"t come from money, you don"t know. I didn"t even know what stocks [were] at that time,"
“So I passed on the stocks. Can you imagine? 45 years, $5 billion that stock would have been worth today."
According to Forbes, Johnson had also started a chain of movie theatres in collaboration with Loews and opened theatres mostly where black communities resided. The cities included Los Angeles, Atlanta, Houston, and New York City. He also did the same venture with Starbucks.
