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Magic Johnson has formally amassed an estimated internet price of roughly $1.2B, making him one of many handful of athletes to achieve the coveted billionaire title!
RELATED: Magic Johnson Group Locations Historic $6 Billion Bid To Buy Washington Commanders
Magic Johnson Is The Fourth Athlete To Be Acknowledged As A Billionaire By Forbes
Forbes introduced the information on Sunday (Oct. 29), attributing the majority of his wealth to his stake in a life insurance coverage firm, together with sports-focused investments.
Notably, this replace makes Magic the fourth-ever athlete that the publication has acknowledged as a billionaire. Different stars reported as being within the billionaire membership embrace Michael Jordan, Tiger Woods, and LeBron James.
Peter Guber, a businessman who’s partnered with Magic for numerous investments, famous that the previous basketball star has a “particular expertise” for locating significant alternatives whereas creating strong relationships with different figures.
“He was born with that particular expertise; he’s had it for the reason that starting of his profession. If I may know precisely what it was, I’d bottle it and provides it to myself and everyone in my firm.”
As for investor Michael Ovitz, he recounted how Magic Johnson was all the time all the way down to put money into any pursuit that “match the parameters of what a very good enterprise needs to be.” In different phrases, he saved an open thoughts and stayed centered on the bigger image!
“He was all the time agnostic about what the enterprise was. So long as it match the parameters of what a very good enterprise needs to be.”
In response to BBC Information, different investments that Magic has a stake in embrace Starbucks, 24 Hour Health, and Burger King.
Diving Into His Sports activities Investments
This noteworthy growth comes after Magic positioned a history-making bid to buy the Washington Commanders for $6B, as The Shade Room reported.
Investor Josh Harris wound up claiming the bulk stake within the Washington, D.C., workforce. Nonetheless, Magic Johnson nonetheless turned a restricted proprietor.
Alongside together with his stake within the Commanders, Forbes experiences that Magic additionally has small holdings within the Los Angeles Dodgers, Los Angeles Sparks, and Los Angeles Soccer Membership (LAFC).
RELATED: Magic Johnson Praises Son EJ For ‘Saving A Lot Of Folks’s Lives’: ‘I’m Actually Proud Of Him’
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