Forbes Officially Acknowledges Magic Johnson As A Billionaire

Magic Johnson has formally amassed an estimated internet price of roughly $1.2B, making him one of many handful of athletes to realize the coveted billionaire title!

RELATED: Magic Johnson Group Places Historic $6 Billion Bid To Purchase Washington Commanders

Magic Johnson Is The Fourth Athlete To Be Recognized As A Billionaire By Forbes

Forbes introduced the information on Sunday (Oct. 29), attributing the majority of his wealth to his stake in a life insurance coverage firm, together with sports-focused investments.

Notably, this replace makes Magic the fourth-ever athlete that the publication has acknowledged as a billionaire. Other stars reported as being within the billionaire membership embrace Michael Jordan, Tiger Woods, and LeBron James.

Peter Guber, a businessman who’s partnered with Magic for numerous investments, famous that the previous basketball star has a “special talent” for locating significant alternatives whereas growing strong relationships with different figures.

“He was born with that special talent; he’s had it since the beginning of his career. If I could know exactly what it was, I would bottle it and give it to myself and everybody in my company.”

As for investor Michael Ovitz, he recounted how Magic Johnson was at all times right down to spend money on any pursuit that “fit the parameters of what a good business should be.” In different phrases, he stored an open thoughts and stayed targeted on the bigger image!

“He was always agnostic about what the business was. As long as it fit the parameters of what a good business should be.”

According to BBC News, different investments that Magic has a stake in embrace Starbucks, 24 Hour Fitness, and Burger King.

Diving Into His Sports Investments

This noteworthy improvement comes after Magic positioned a history-making bid to buy the Washington Commanders for $6B, as The Shade Room reported.

Investor Josh Harris wound up claiming the bulk stake within the Washington, D.C., staff. However, Magic Johnson nonetheless turned a restricted proprietor.

Along along with his stake within the Commanders, Forbes stories that Magic additionally has small holdings within the Los Angeles Dodgers, Los Angeles Sparks, and Los Angeles Football Club (LAFC).