Magic Johnson Declared a Billionaire By Forbes

Magic Johnson simply joined the 10-figure membership — and he is within the prestigious firm as solely one in every of a few athletes to succeed in the achievement … so says Forbes, anyway.

The famed journal — which prides itself on maintaining tabs on stars’ fortunes — says their new tally on the Laker nice has now made him an official billionaire … and he is acquired change to spare with the title. According to them, Earvin’s estimated web value is round $1.2 bil.

They say his large wealth post-basketball comes as a results of a hodgepodge of investments he is made over time — and if you already know something about Magic, that tracks.

The dude’s a partial proprietor in a variety of professional sports activities groups — together with the Dodgers, the Sparks, MLS’ LAFC and extra not too long ago … the NFL’s Washington Commanders. Interestingly sufficient, although, these minority proprietor stakes aren’t what make him rich-rich right here.

Apparently, it is Magic’s 60% stake in a life insurance coverage firm known as EquiTrust … which he snapped up in 2015. The firm’s been booming in income since then — and he is rolling within the dough as a end result.

There are extra investments Magic’s made that tipped him over the sting … together with movie show chains he is purchased into, in addition to a Starbucks partnership he entered into a whereas again. He’s additionally acquired an additional minority stake in a PepsiCo bottling plant exterior of D.C.

Of course, he is additionally a media mogul … to not point out an extremely recognizable face nearly in all places he goes — which in all probability helps when he will get booked for appearances.

Like we mentioned, Magic hitting this benchmark places him in an unique group amongst 3 different athletes within the billionaire stratosphere … that’d be LeBron James, Tiger Woods and Michael Jordan. Now Magic’s there too — and to be sincere, it was in all probability a very long time coming.