Former NBA icon, Earving “Magic” Johnson, has recently been recognized as a billionaire by Forbes. This acknowledgment places him in an elite group, becoming the fourth athlete to achieve this financial milestone. The other athletes sharing this distinction are Michael Jordan, LeBron James, and the renowned golfer Tiger Woods.
Johnson’s Financial Journey
While Magic Johnson’s illustrious basketball career earned him $40 million, it’s his ventures beyond the court that have added substantially to his wealth. Johnson has diversified his investments across a range of sectors and industries. From owning stakes in various Los Angeles-based sports teams to entering the fast-food and fitness industries, Johnson’s portfolio is vast and varied.
Ventures in the Sports World
In addition to his legendary basketball career with the NBA, Johnson’s passion for sports didn’t wane post-retirement. He owns parts of three LA-based sports teams, including Major League Baseball’s Los Angeles Dodgers. Other notable investments in sports include the WNBA’s Sparks, Major League Soccer’s reigning champions LAFC, and the Washington Commanders.
Beyond Sports: A Diverse Investment Portfolio
Outside the realm of sports, Johnson’s business acumen shines bright. His stakes in Starbucks, Burger King, 24 Hour Fitness, and a life insurance company called EquiTrust are just a few examples. In fact, the majority of his wealth is tied to his life insurance company, which he acquired in 2015.
Additionally, Johnson has ventured into the entertainment industry, owning stakes in a movie theater chain and even a soda bottling plant on the East Coast. Beyond tangible businesses, Johnson has also established himself as a reputable keynote speaker, with his fees ranging between $75,000 to $225,000, as reported by the Keynote Speaker Bureau.
Reflections on Missed Opportunities
Despite his incredible financial successes, Johnson candidly discussed one missed opportunity on the “All The Smoke” podcast. He revealed that he could have potentially earned billions had he accepted an offer for Nike stocks during his initial NBA days. However, due to a lack of financial literacy at the time, Johnson opted for a deal with Converse.
In Good Company
As Johnson joins the ranks of billionaire athletes, he finds himself in the company of friends and former colleagues. Much like Michael Jordan, LeBron James, and Tiger Woods, Johnson has effectively navigated the world of investments, showcasing that success on the court can be translated to success in the boardroom.