Despite Owning $5.81 Billion LA Franchises, Magic Johnson?s 8YO Venture Lands Him Spot Alongside Michael Jordan

The NBA is among the most lucrative sports in the world. More importantly, the exposure that the league provides opens up more avenues for the athletes. However, very few have been able to capitalize on its full potential. The good news is, that it’s never too late to pull the socks up for those who are still a little behind on the net worth charts.

Magic Johnson recently joined the elite list of NBA billionaires. The league now boasts three billionaires, the other two are Michael Jordan and LeBron James. While the Chicago Bulls legend has held this title for over nine years now, Johnson is the newest to join him as a retired player.

Magic Johnson is now a billionaire

Magic Johnson’s road to the billion-dollar club has been a hard-fought one. He was an active player from 1979 to 2000 with a few years gap in between. However, after his retirement, the LA Lakers legend doubled down on his business ventures and, as a result, he has joined the elite list. There are several lucrative businesses that Johnson has gotten into. One, in particular, has paid off the best. Magic boasts investments in Starbucks, sports franchises, insurance companies, and many more. He is part owner in the LA trio of Dodgers, LAFC, and the Sparks.

Although all his investments have fared well for him, his investment in EquiTrust is one to marvel at. Today his estimated net worth is said to be around $1.2 billion as per Forbes. EquiTrust plays a major role in taking Magic above the billion-dollar mark. Back in 2015, the Lakers legend bound a 60% stake in the Iowa-based insurance company. Since his purchase in 2015, the value of the insurance company has scaled new heights, reaching $26 billion from $16 billion. While Magic was on the verge of becoming a billionaire for some time, the insurance company purchase ensured cementing his name in the history books.

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Magic Johnson joins forces to form a powerful NBA trio

The NBA can now boast three supremely talented athletes who are also billionaires. The first to join Tiger Woods as only the second athlete and the first NBA athlete to become a billionaire was Jordan. MJ reached the mammoth sum in 2014 and has only added to his net worth for the last nine years. Today his net worth is estimated to be over $3 billion. The second in line was LeBron who achieved this feat in 2022 and became the only active NBA athlete to have done so.

With three of our athletes on the list, who do you think will be the next addition? Tell us in the comments below.

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