Magic Billionaire’s Club
Former Laker Invested Smart
It looks like Magic Johnson has joined the billionaire’s club. Magic first became famous in college, as he starred for Michigan State. That team battled Larry Bird and Indiana State in the tournament. Then Johnson led the Lakers to epic title runs. Sadly, Magic is also known for his HIV scare. For as long as I can remember, as a teenager, I heard reports he started investing early in his career. Movie theaters were one of his first places to start investing.
https://twitter.com/skinneybob/status/1711571535264125095
Forbes Confirms Status
Forbes has officially declared that Earvin “Magic” Johnson, an NBA legend and entrepreneur, has become a billionaire, joining the likes of Michael Jordan, LeBron James, and Tiger Woods as the fourth athlete to achieve this status. This year, he expanded his portfolio by acquiring a minority stake in the Washington Commanders, and he also owns a 2.3% stake in the Los Angeles Dodgers, as well as minority ownership of LAFC and Los Angeles Sparks. Forbes estimates that his net worth is $1.2 billion as a result of his investment in various industries and ownership of sports teams.
Storied Lakers Career
During his 13-season playing career with the Los Angeles Lakers, Johnson earned only $40 million, which is equivalent to $110 million when adjusted for inflation. However, he was always ahead of the game. Former Lakers owner Jerry Buss introduced him to the business world and arranged for him to meet various business people in Los Angeles. In a 2013 interview with the Los Angeles Times, Johnson revealed that Buss taught him a lot about business. Today, Johnson’s net worth is largely based on his 60% investment in EquiTrust, a life insurance company. EquiTrust’s assets have grown from $16 billion to $26 billion, and they generate annual revenues of approximately $2.6 billion, according to Forbes.
Earvin Magic Johnson on Twitter: “Happy birthday to my business partner Eric Holoman! / Twitter”
Happy birthday to my business partner Eric Holoman!
Johnson has also made a priority of assisting mainly Black neighborhoods through his business choices. As per Forbes, he has collaborated with Starbucks in a 50/50 venture to establish cafes in Black neighborhoods and partnered with Loews to establish cinemas in major cities with significant Black populations including New York City, Los Angeles, Atlanta, and Houston.