NBA legend and entrepreneur Earvin ‘Magic’ Johnson has joined the list of Black billionaires.
According to Forbes, Johnson’s net worth is an estimated $1.2 billion. He is the fourth Black athlete to reach billionaire status, joining fellow athletes Tiger Woods, LeBron James and Michael Jordan.
Before becoming a savvy businessman, Johnson began his NBA career in 1979 as the first overall pick during the NBA draft, while a student at Michigan State University. He went on to win five NBA championships and made 12 All-Star appearances as well having served as the NBA’s assists leader four times and steals leader twice before retiring from the NBA in 1996.
Johnson is said to have earned $40 million from playing in the NBA, however, has ownership stakes in three Los Angeles-based sports teams, including the WNBA’s Los Angeles Sparks, MLB’s Los Angeles Dodgers, and MLS’ LAFC.
Earlier this year, Johnson invested in NFL’s Commanders. Outside of sports, his investments include Starbucks, Burger King, 24 Hour Fitness, and the life insurance company EquiTrust which makes up the largest portion of his personal net worth. Since investing in EquiTrust the value of the company has increased from $16 billion to $26 billion. He also owns a minority stake in a PepsiCo bottling plant outside Washington D.C. that he purchased in a $60 million deal with investor Earl Graves in 1990, as well as a chain of movie theaters that he established through a partnership with Loews.
Photo Credit: DepositPhotos.com
