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Basketball legend Magic Johnson has officially entered the exclusive ten-figure club, according to Forbes, joining the ranks of only a handful of athletes who have achieved this remarkable financial milestone.
Forbes, renowned for meticulously tracking the fortunes of public figures, has recently designated Magic Johnson as a certified billionaire. Johnson’s estimated net worth now stands at an impressive $1.2 billion, firmly securing his place among the world’s wealthiest individuals.
This significant accumulation of wealth for Magic Johnson comes as a result of his diverse and shrewd investments over the years, a strategy that aligns perfectly with his dynamic personality and business acumen.
The former Lakers star has ventured into sports ownership, holding partial stakes in a variety of professional sports teams, including the Los Angeles Dodgers, the WNBA’s Sparks, Major League Soccer’s LAFC, and more recently, the NFL’s Washington Commanders. Surprisingly, these minority ownership positions, while notable, are not the primary source of his substantial wealth.
Magic Johnson’s true financial powerhouse is his commanding 60% ownership stake in EquiTrust, a life insurance company he acquired in 2015. Since that acquisition, EquiTrust has seen remarkable profit growth, significantly contributing to his financial success.
But the magic doesn’t stop there. Johnson has diversified his investments across various sectors, including movie theater chains and a longstanding partnership with Starbucks. He’s also secured an additional minority stake in a PepsiCo bottling plant located just outside of Washington, D.C.
In addition to his impressive investment portfolio, Magic Johnson wears multiple hats as a media mogul and maintains a level of recognition and influence that follows him wherever he goes, making him a sought-after figure for public appearances and endorsements.
Magic Johnson’s entrance into the billionaire club places him among an exclusive group, joining the ranks of iconic athletes such as LeBron James, Tiger Woods, and Michael Jordan. Given his longstanding success in the business world and his substantial contributions to the sports and entertainment industry, this achievement is undoubtedly well-deserved and a testament to his enduring legacy. Congratulations to Magic Johnson on this remarkable milestone!
