Photo Courtesy of AP
Earvin “Magic” Johnson has an array of accolades under his belt. He is a five-time NBA champion (as a player), a three-time MVP, a member of the 50th and 75th NBA Anniversary Teams and more. Off the court, he is part owner of the Los Angeles Sparks, the Los Angeles Dodgers, Los Angeles FC and the Washington Commanders. He was also part owner of the Lakers before selling in 2010.
Johnson has accomplished many things on and off the court, and now, he can add the title of billionaire to his resume.
Recently, Forbes declared Johnson a billionaire. Their declaration makes him the fourth athlete billionaire alongside the likes of Michael Jordan, LeBron James and Tiger Woods.
Forbes estimated Johnson’s net worth as $1.2 billion. They reported that a good portion of his fortune came from his 60 percent stake in EquiTrust, which is a life insurance company. His stake in the company is the biggest asset in his Magic Johnson Enterprises portfolio. Other ventures in his MJE portfolio include movie theaters, gyms and Starbucks franchises.
Johnson took an interest in business during his NBA career. He was influenced by the likes of Dave Bing (a former player) who founded Bing Steel, which grew to become the Bing Group. Johnson started Magic 32, a sports goods store that only lasted a year. He lost $200,000. He learned from the mistake, made connections and went on to become an exceptional businessman. And by the looks of things, he will not be slowing down anytime soon.