Billionaire Michael Jordan Losing $500 Million Net Worth Still Remains a Mystery for NBA Fans

Michael Jordan gained his billionaire status in 2020. Forbes reported that the Chicago Bulls legend had accumulated a net worth of a whopping $2.1 billion. However, the following year, fans saw a significant dip in Jordan’s total net worth. In 2021, Forbes ranked MJ as No. 1,931 in the Billionaire list with a net worth of $1.6 billion. So what happened to the $500 million? While there have been multiple speculations, none of them has been reported to be true as of now.

Even with a decrease in the net worth, Michael Jordan remained the richest NBA player of all time. Nevertheless, fans are still curious about the missing $500 million. While Forbes did not provide any explanations, there are several factors that could be the reason of the loss. One of them could be the GameStop stock. Michael Jordan bought the majority stakes of the Charlotte Hornets in 2010. About nine years later, Jordan sold a minor share to two investors – Gabe Plotkin and Daniel Sundheim.

While the entire details were not revealed, MJ has stated that the deal would help the Hornets compete with the top teams in the league. Incidentally, Gabe Plotkin is the founder and chief investment officer of the Melvin Capital, the hedge fund that suffered huge losses due to the GameStop saga. Plotkin’s Melvin Capital had to admit defeat after they repeatedly lost money by betting against GameStop. This happened after a group of Reddit investors began supporting GameStop and ultimately caused Melvin Capitol to lose a bucket load of money.

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However, this is only one of the many speculations. There are still no relevant sources to confirm the exact reason behind the decrease in Jordan’s net worth. Hence, the matter still remains a mystery.

Michael Jordan earns over a billion dollars from Nike deal

In 2020, Forbes stated that Nike has paid about $1.3 billion dollars right from the time Michael Jordan signed the deal. MJ signed the blockbuster deal with the sports company in 1984. Back then, no one could have predicted the success that both parties would gain due to the deal. Moreover, Nike was not included in the list of big sports companies back then. And on the other hand, MJ was a rising superstar. Moreover, Jordan’s first choice was Adidas.

However, in an interesting turn of events, the deal with Jordan bought Nike immense success. The first-ever edition the Air Jordan sneakers bought up to $126 million sales in its first year alone. Interestingly, Nike had expected to make no more than $3 million, that too in the first four years.

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Can you think of any other reason behind the drop in MJ’s net worth? Let u know your thoughts in the comments section below!