Magic Johnson has formally reached the billionaire membership!
Forbes reported that the NBA star turned elite businessman has a $1.2 billion internet value – making him the fourth skilled athlete to succeed in the milestone after a profitable post-basketball profession as an investor.
Johnson, 64, earned $40 million all through his Los Angeles Lakers profession, roughly $110 million after inflation. Nevertheless, he’s acquired most of his revenue off the court docket.
Following the 1990-1991 season, Johnson examined optimistic for HIV, a harmful virus that compromises the immune system and might result in AIDS if left untreated — prompting his rapid retirement.
Since retiring, the 12-time NBA All-Star has launched a movie show chain in collaboration with Loews, establishing theaters in predominantly Black neighborhoods in main cities nationwide. He has additionally begun a 50/50 enterprise with Starbucks to open cafes in Black neighborhoods.
Johnson holds a minority possession in a PepsiCo bottling facility close to Washington, D.C., that he purchased in a $60 million transaction with businessman Earl Graves in 1990.
The HIV spokesman holds a minority possession within the NFL’s Washington Commanders, bought for $6.05 billion by billionaire Josh Harris in Might.
Johnson additionally has shares within the WNBA’s Los Angeles Sparks, the MLB’s Los Angeles Dodgers, and the MLS’s Los Angeles FC.
Nevertheless, EquiTrust dominates Johnson’s internet value. Since buying a 60% share in 2015, the Iowa-based firm’s property have elevated from $16 billion to $26 billion, with annual gross sales of round $2.6 billion.
Johnson spent his whole skilled profession with the Lakers after being chosen as the primary total choose within the 1979 NBA draft.
Johnson’s billionaire title mirrors that of NBA legends Michael Jordan and LeBron James, in addition to golfer Tiger Woods.
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