Magic Johnson Joins the Billionaire Club
Move over, Scrooge McDuck! Magic Johnson has officially become a member of the 10-figure club, making him one of the elite athletes to achieve this feat. According to Forbes, the iconic basketball player’s net worth has now surpassed the $1 billion mark, landing him a spot in the prestigious billionaire stratosphere.
Forbes, known for keeping tabs on celebrities’ fortunes, has revealed that Magic’s massive wealth comes from a variety of smart investments he has made over the years. This doesn’t come as a surprise to anyone familiar with Magic Johnson’s savvy business sense.
While Magic Johnson may be a partial owner of numerous professional sports teams, including the Dodgers, the Sparks, and MLS’s LAFC, it’s not these ownership stakes that have made him a billionaire. No, it turns out that a majority stake in a life insurance company called EquiTrust, which he acquired in 2015, has been the key to his financial success.
But that’s not all! Magic also has investments in movie theater chains, a Starbucks partnership, and even a minority stake in a PepsiCo bottling plant. It seems like everything he touches turns to gold, or in this case, billions of dollars.
Of course, let’s not forget that Magic Johnson isn’t just known for his financial prowess. He is also a media mogul and a familiar face wherever he goes. This undoubtedly helps when it comes to securing lucrative appearances and opportunities.
Joining the billionaire ranks puts Magic in the company of only three other athletes: LeBron James, Tiger Woods, and Michael Jordan. It’s a well-deserved achievement for Magic Johnson, and it was only a matter of time before he reached this milestone.
Congratulations, Magic, on living a life of luxury and making it into the billionaire club!
Original article https://www.tmz.com/2023/10/29/magic-johnson-become-new-billionaire-forbes/