Billionaire Magic Johnson Shares Business Advice With 3000+ People at LA Conference

Magic Johnson is a story of success from the basketball court to the field of business. While 64-year-old has 5 NBA championships in his name, he also has a net worth of $1.2 billion as per Forbes. And Johnson believes in sharing his experience in investing with others as well. The Los Angeles Lakers legend shared business advice with 3000+ people at a conference recently.

The 3x MVP took to his official Instagram account and shared some photos of him speaking at the conference. “I had an amazing time sharing my journey with 3,000 entrepreneurs at the Aspire Conference here in LA last night! Thank you to the Aspire Founders Andrew Cordle, Eddie Wilson, and Dan Fleyshman for inviting me to speak!” read the caption to the IG post.

The comment section of the post hints that the conference has had a positive impact on the attendees. While a user named Bijan Machen termed the conference as informative and inspiring, entrepreneur Mecca Williams commented, “It was such an awesome experience! So glad that I came! Thank you for sharing your knowledge! I also thanked you for everything you have done and do for OUR communities”.  

It is worth that mentioning that Magic Johnson has earned this respect in the business world on his own. As per Forbes, the 3x Finals MVP made just $40 million from the Lakers as a player. “Even at his peak only brought in between $2 million and $4 million per year in endorsements,” the website states.

In fact, it further mentions that Magic is a billionaire today because of his joint venture partnerships. These ventures range from movie theaters to healthcare and from Starbucks franchises to real estate, and of course, sports.

Business investments made by Magic Johnson

A majority portion of the 5x NBA champion’s wealth is said to come from Equitrust’s 60 percent ownership stakes. Equitrust is a life insurance company. According to Forbes, it has grown from $16 billion in assets under management to $26 billion since Magic Johnson took over in 2015.

Read More: $77.6 Billion Worth Company Leverages Magic Johnson’s Success to Inspire 3000 Employees

Apart from this, the 64-year-old has also got minority ownership stakes in some franchises in different field of sports. One of them is a 2.3% stake in the baseball team of Los Angeles Dodgers. The ex-NBA icon is also the co-owner of NFL’s Washington Commanders. And he also has got some stakes in WNBA’s LA Sparks.

In fact, it is a lesser known fact that Magic had acquired  4.5% stake of his ex-team, Lakers, for $10 million back in 1994. He later sold the stakes for a decent profit. Magic Johnson’s other investments, like Burger King franchises and 24 Hour Fitness Magic Johnson, are a proof that the 5x NBA champion left no stones unturned to make it big in the business world as well.

Read More: $40M to $620M: How Did Magic Johnson Build His Business Empire