Magic Johnson Joins Michael Jordan, LeBron James And Tiger Woods As Fourth Athlete To Become A Billionaire
Los Angeles Lakers legend Magic Johnson joins the elite class of athletes and former professional players who have become billionaires, which now has four members.
According to Forbes, the iconic businessman and NBA Hall of Famer has reached a level that only former Chicago Bulls Michael Jordan, golf’s Tiger Woods, and current NBA player, LeBron James have achieved. Johnson has been named the latest athlete billionaire by the media outlet.
— Forbes (@Forbes) October 29, 2023
Forbes estimated that Earvin Johnson has a net worth of $1.2 billion. Johnson owns several sports teams, businesses, and investments spread across his business portfolio.
After winning an NCAA championship while playing for Michigan State against Indiana State’s Larry Bird in 1979, Johnson and Bird took the NBA to a higher level with a newfound rivalry. As Johnson was drafted by the Los Angeles Lakers in 1979, following when Bird entered the league with the Boston Celtics, the league became more exciting and interesting with these two players leading the way.
He became the number one pick in the 1979 NBA draft, and became the first and only rookie to win the NBA Finals MVP (Most Valuable Player). He played his entire career in Los Angeles, becoming a three-time MVP and three-time NBA Finals MVP. He helped the Lakers win five championships between 1980 and 1988. After testing positive for HIV in 1991, he retired from the game he loved. He did return to play 32 games during the 1995-1996 season but left for good after the season ended.
Along with a plethora of businesses, Johnson, who owns three Los Angeles sports franchises, the WNBA’s Los Angeles Sparks, MLB’s Los Angeles Dodgers, and the MLS’ LAFC, now has a stake in the Washington Commanders, making him the first Black owner of an NFL team.
Johnson also purchased a minority stake in a PepsiCo bottling plant outside Washington D.C. with BLACK ENTERPRISE founder, Earl Graves, in a $60 million deal in 1990.