Magic Johnson – Source: Allen J. Schaben / Getty
Magic Johnson turned into the ultimate businessman after his NBA retirement and it’s paid off better than he probably imaged as he officially joins Forbes billionaires list.
After Magic Johnson retired from the NBA he set his sights on dominating the business world. When it comes to business he is one of the most respected entrepreneurial minds in the game. Johnson has had tremendous luck acquiring partial ownership of several sports teams including the Dodgers, Sparks, and LAFC. Recently Johnson added an NFL team to his portfolio purchasing a stake in the Washington Commanders.
His last investment boosted him across the billionaire line according to Forbes.
In addition to his sports teams Forbes notes his Iowa-based life insurance company is also flourishing very well. Additionally the insurance company EquiTrust makes up the majority of his fortune. Johnson also has smaller investments in movie theaters, gyms, networks, and several Starbucks franchises.
Forbes estimates his net-worth is around $1.2 Billion dollars and reportedly it will continue to grow. Becoming a billionaire as former or current professional athlete puts him in good company alongside Tiger Woods, Michael Jordan and LeBron James. Magic is always humble but becoming a billionaire is certainly worth a little celebration.
The NBA is reportedly expanding into two cities in the next few years and we know Magic won’t let that opportunity pass him by.
