Making the Big Bucks, Huh?
Magic Johnson is joining an exclusive club as he’s finally a billionaire. Johnson has always been rich since he became an NBA superstar but instead of squandering that money, he’s figured out to make so much more, per NBA rumors.
While he is known for his contributions on the basketball court, most of Magic Johnson’s net worth comes from EquiTrust, which is a life insurance company that Johnson’s company has a majority stake in. EquiTrust has approximately $26 billion in assets. The NBA legend has turned into a very savvy business over the years.
Magic Johnson is officially a billionaire!
Here is a list of some of Magic Johnson’s most successful investments:
– Sports: Dodgers, Sparks, LAFC
– Theaters: Magic Johnson Theatres
– Health: EquiTrust
– Other: Fanatics, Cameo pic.twitter.com/OkPJgC7HGP
— Maimoon (@MrBalancedLife) October 30, 2023
Billion-Dollar Athletes: A Rare and Elite Club
In fact, he joins a club of just three other athletes who have surpassed a billion-dollar net worth. LeBron James, Tiger Woods, and Michael Jordan are the only other ones to reach the feat. It’s wild to think that only four athletes ever have been able to make a billion dollars but that’s just how it is. Something tells me we’ll start seeing a lot more athletes break that barrier but it’s not a surprise that the four who did it are some of the greatest NBA players ever.
Magic Johnson earned about $40 million during his years as an NBA player.
Today, he’s a billionaire.
Early in his playing career, Johnson was already planning to be an entrepreneur.
He would cold call Lakers courtside ticket holders to learn how they became successful. pic.twitter.com/Zfi6stHjST
— Jon Erlichman (@JonErlichman) October 30, 2023
LeBron and Jordan: Basketball Greats and Business Moguls
When LeBron is dominating the NBA news cycle, he’s making money. He is the youngest on the list and he’s made a ton of money off the basketball court. Of his billion-dollar net worth, just $479.4 million comes from NBA contracts. The rest come from various partnerships with big brands like Beats by Dre and Blaze Pizza. He also has many endorsements with PepsiCo, Walmart, and Nike. He’s leveraged that for some of his own endeavors like Lobos Tequila and SpringHill Productions. He’s on the right trade to make more money.
Michael Jordan is one of the most famous American athletes across the world and his Jordan brand with Nike still makes a ton of money. His partnership with Nike was the key to his billionaire status but he also has partnerships with Hanes and Gatorade. That’s not to mention the fact that he just sold his majority stake in the Charlotte Hornets. Jordan just knows how to make a ton of money.
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
Interestingly enough, the only athlete to reach billionaire status who isn’t an NBA player is Tiger Woods. He has earned roughly $1.8 billion throughout his golf career and holds the PGA Tour record in prize money with $121 million. What’s crazy is that his net worth could be so much bigger if he didn’t turn down an insane offer to play for LIV gold. Gotta respect a man who is willing to turn down money for his principles.
We only have four athletes to join the billionaire club but that’s going to change. Don’t be surprised if we see names like Stephen Curry, Patrick Mahomes, and a lot of others join the club at some point in the future.