Magic Johnson, the former basketball star, has been recognized as a billionaire by Forbes.
He is now the fourth athlete to achieve this remarkable status.
According to the business magazine, Johnson’s wealth is estimated to be around $1.2 billion.
The three other athletes who have reached billionaire status are NBA players Michael Jordan and LeBron James, along with golfer Tiger Woods.
Magic Johnson’s wealth comes from various sources.
He has invested in many different companies, and he also owns parts of several sports teams.
However, Forbes states that his largest source of wealth comes from his ownership stake in a life insurance company.
Although Johnson had a legendary NBA career before retiring in 1996, it’s his ventures outside of sports that have truly expanded his fortune.
Forbes reports that he earned $40 million from his time in the NBA.
Magic Johnson is involved with three sports teams in Los Angeles, including the MLB’s Los Angeles Dodgers.
Beyond the world of sports, he has invested in popular brands like Starbucks, Burger King, and 24 Hour Fitness, as well as the life insurance company EquiTrust.
During a podcast interview earlier this year, Johnson shared a moment of regret.
He revealed that he could have become a billionaire even earlier if he had accepted shares from Nike when he was starting his NBA career in the 1970s.
Instead, he opted for a deal with Converse, which offered him $100,000 annually.
Reflecting on this decision, he said, “My family didn’t come from money, that’s one thing that hurts us sometimes.
When you don’t come from money, you don’t know.
I didn’t even know what stocks [were] at that time.
So I passed on the stocks.
Can you imagine? 45 years, $5 billion that stock would have been worth today.”