NBA icon Magic Johnson is only the fourth professional athlete to become a billionaire
Published
| Last updated
NBA legend Magic Johnson has become just the fourth professional athlete to be declared a billionaire.
Johnson, real name Earvin, is one of the greatest point-guards of all time and played 13 seasons in the NBA - representing Los Angeles Lakers and winning five championships.
He retired for the third and final time in 1996 but it is in his post-basketball career that he has made big bucks.
Loading…
Business magazine Forbes say Johnson has now joined the billionaire club after a slew of shrewd investments.
It's said the majority of his money is from life insurance company EquiTrust but he also has plenty of other revenue streams.
He's also invested in massive firms like Starbucks, Burger King and 24 Hour Fitness, which added to the $40 million he accrued from his NBA career.
But the 64-year-old also has stakes in three different Los Angeles sports franchises: MLB's Los Angeles Dodgers, WNBA's Los Angeles Sparks and Los Angeles FC of the MLS.
He is also involved in the Washington Commanders of the NFL.
In 1990, Johnson's goal was to be in the "$100 to $200 million" range at some point in the future.
Yet he has surpassed the aforementioned figure beyond his wildest expectations and is now in the esteemed company of fellow NBA icons Michael Jordan and LeBron James as billionaire basketballers.
Johnson believes he could have reached billionaire status earlier had he not rejected shares in Nike back in the 1970's.
"My family didn't come from money, that's one thing that hurt us sometimes. "When you don't come from money, you don't know. I didn't even know what stocks [were] at that time," Johnson explained on the All The Smoke podcast.
"So I passed on the stocks. Can you imagine? 45 years, $5 billion that stock would have been worth today."
He penned a $100,000-a-year contract with Converse but that number pales in comparison.
Featured Image Credit: Getty
Topics: NBA
