Adding to His $620 Million Net Worth, Magic Johnson’s Latest Acquisition Fastens Billionaire Plans

Chicago Bulls legend Michael Jordan set the standards high by reaching the $3 billion mark with various investments. Well, Magic Johnson now wants to become a billionaire at least. With a staggering $620 million net worth already, the Los Angeles Lakers icon has announced his next stint in ownership. This time, however, it will not be anything related to American sports. The MLB, NFL, WNBA and MLS have seen Magic Johnson’s avatar as an owner. 

Now, the 5-time champion will set foot into a totally new industry for a few ancestral reasons. Johnson has taken pride in being an African American when it comes to ownership. Well, looks like that was the trigger point for the 63-year-old to set foot in this industry. 

Magic Johnson is ready to become a billionaire

Magic has been an active co-owner of Washington Commanders in the NFL, Los Angeles Dodgers in the MLB, and Los Angeles FC in MLS. It wouldn’t have been a surprise if the 3-time MVP chose a team in the NBA. Of course, he briefly owned a stake in his former team in the late 2010s, even working as the President of Basketball Operations for a while. Perhaps with all that experience in the bag, Magic is now looking to greener pastures. 

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Will the insurance industry be a suitable one for Johnson? Well, we do not know, but he believes so. The 5x NBA champion announced a few hours ago that he has acquired the Atlanta Life Insurance company for various historical reasons. 

Before that, Johnson had a few exciting words to share on this new journey. He shared on his Instagram, “I’m so excited to announce that we acquired Atlanta Life Insurance Company! I am honored to continue the rich history of this organization and the legacy of Founder Alonzo Herndon. We share so many of the same values and his life story is incredible!”

Speaking of “rich history”, it’s safe to say the legacy of Atlanta Insurance in America is unmatched. Let’s take a deeper look. 

Why did Johnson want Atlanta Insurance? 

Insurance premiums in America annually cross the trillion dollar mark. While this makes the potential revenue from this deal very exciting, Magic isn’t just looking at the bottom line.

The primary reason is that Atlanta Insurance was started by an African-American owner, Alonzo Herndon, whose goal was to come out of his dark past. Johnson shared on his Instagram, “He[Herndon] was born into slavery and became the first Black millionaire in Atlanta, Georgia.”

The start was indeed very difficult for Herndon. From barbershops to real estate to finally an insurance company, the late legend’s hard work to uplift his community stands unmatched. 

Now Magic Johnson wants to continue the same and that is the sole reason he has set foot into this new line of business. Considering the scope and the market of this industry, it’s safe to say Johnson is not so far away from becoming a billionaire. What are your thoughts on this?

Read more: Michael Jordan or Magic Johnson: Which NBA Legend Plays a More Hands-On Role With Their Sports Acquisitions?