Magic Johnson Is Now in The ‘Billionaire’ Boys Club; Becomes the 4th Athlete To Join The Party

Magic Johnson just hit the big billion-dollar mark, joining the elite club of only a few athletes who have reached this milestone, according to Forbes. The Lakers legend’s estimated net worth now stands at around $1.2 billion.

How did he amass such an impressive fortune post-basketball? Well, Magic has been busy making some savvy investments over the years, and it’s paying off big time. He’s a part-owner of various pro sports teams, including the Dodgers, the Sparks, MLS’ LAFC, and most recently, the NFL’s Washington Commanders. But here’s the thing, these minority owner stakes aren’t what’s making him the big bucks.

It’s Magic’s substantial 60% stake in a life insurance company called EquiTrust, which he acquired back in 2015. The company’s profits have been soaring since then, and so has Magic’s wealth. He’s also dabbled in movie theater chains and partnered with Starbucks a while back. He even holds a minor stake in a PepsiCo bottling plant outside D.C.

Of course, he’s not just a businessman; he’s a media mogul and a highly recognizable figure almost anywhere he goes, which certainly doesn’t hurt when it comes to booking appearances and endorsements.

With Magic reaching this billionaire benchmark, he joins the exclusive ranks of just three other athletes: LeBron James, Tiger Woods, and Michael Jordan. It’s a well-deserved achievement that was a long time coming. 🌟💰🏀🤑