Magic Johnson, known for his dazzling skills on the basketball court, has now achieved a milestone that places him in an elite category of professional athletes – he’s become a billionaire. The former NBA legend, whose real name is Earvin Johnson, joins a select group of athletes who have transcended their sports careers to attain significant wealth through smart investments and business ventures.
From Courtside to Boardroom
Magic Johnson’s basketball career is the stuff of legend. He played 13 seasons in the NBA, donning the iconic purple and gold of the Los Angeles Lakers and securing five NBA championships. Johnson’s on-court artistry earned him accolades and admiration, but it’s his post-basketball career where he truly made his mark as a financial titan.
Forbes Confirms Billionaire Status
According to Forbes, Magic Johnson has now entered the exclusive billionaire club. His substantial fortune is primarily derived from owning the life insurance company EquiTrust. However, his financial portfolio is as diversified as his playing style. Johnson has invested in major companies like Starbucks, Burger King, and 24 Hour Fitness, bolstering his wealth.
Beyond the Hardwood
But Johnson’s business acumen extends far beyond these investments. He holds ownership stakes in three Los Angeles sports franchises, including Major League Baseball’s Los Angeles Dodgers, the Women’s National Basketball Association’s Los Angeles Sparks, and Major League Soccer’s Los Angeles FC. Additionally, he has a role with the Washington Commanders in the NFL. These sports connections have not only expanded his influence but also enriched his financial standing.
In the Billionaire Club
Magic Johnson’s journey to billionaire status is a testament to his vision and determination. In 1990, he set a financial goal for himself, aiming to reach the “$100 to $200 million” range. Little did he know that he would far surpass his expectations. Johnson now shares the billionaire basketball player status with iconic figures such as Michael Jordan and LeBron James. Golf legend Tiger Woods is also a member of this exclusive club.
Reflecting on Missed Opportunities
Magic Johnson’s ascent to billionaire status has not been without its what-ifs. In a candid revelation, he regretted passing on an opportunity to invest in Nike during the 1970s. At the time, his family’s modest background influenced his decision, as he explained on the All The Smoke podcast. He 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? Forty-five years, $5 billion that stock would have been worth today.”
Magic Johnson’s journey from a young boy with a basketball dream to a billionaire mogul is a testament to his relentless work ethic, foresight, and unwavering commitment to success. His story is not just one of sporting greatness but also a lesson in how strategic investments can propel a career to unparalleled heights.
