Magic Johnson just reached billionaire status. He is now the fourth athlete to reach the achievement.
Forbes reported that the former Lakers star has become an official billionaire estimating his net worth around $1.2 billion.
Magic is known for making some pretty good business deals and investments following his basketball career.
For starters, he is a partial owner of several pro sports teams, including the Dodgers, the Sparks, MLS’ LAFC, and the NFL’s Washington Commanders. But apparently, those stakes aren’t what drives his wealth.
Magic’s 60% stake in a life insurance company called EquiTrust is what reportedly drives a lot of his wealth. As well as the movie theater chains he’s invested in, his Starbucks partnership, and his extra minority stake in a PepsiCo bottling plant.
And that’s just his business. He’s also a walking household name so he makes money in the media and for bookings too.
LeBron James, Tiger Woods and Michael Jordan and are the other three athlete billionaires.
