Magic Johnson has just joined the billionaires’ club, according to Forbes. Earvin “Magic” Johnson has joined three other athletes on the list-James LeBron, Tiger Woods, and Michael Jordan.
Johnson retired from the NBA in 1991 after being diagnosed with HIV. In his November 1991 press conference, he also announced that he would become the spokesman for HIV prevention.
According to Forbes, Johnson’s current worth is $1.2 billion. In addition to his business interests, he has become a media personality.
Hall of Famer Magic Johnson, who is now among a handful of billionaires in the world, has a myriad of investments in different industries. He owns stakes in several sports teams, especially in the Los Angeles area, such as the Los Angeles Sparks of the WNBA, the Los Angeles Dodgers of the MLB, and the LAFCs of the MLS. He also owns a stake in the Washington Commanders NFL.
EquiTrust represents the largest percentage of the former athlete’s personal net worth. Since he bought a 60 percent stake in the insurance company, his assets have risen to $26 billion from $16 billion. The company has annual sales of about $2.6 billion.
Johnson began his NBA career as the first overall pick in 1979. He was a three-time MVP and three-time NBA Finals MVP. With the Lakers he won five championships between 1980 and 1988.