Magic Johnson just became the 4th athlete to join billionaire status behind Michael Jordan, Tiger Woods, and LeBron James. According to an article published by Forbes on Monday, Johnson’s net worth is estimated at $1.2 billion
Magic Johnson’s journey to becoming a billionaire is an inspiring story. After a hall of fame career leading the Showtime-era Los Angeles Lakers to 5 NBA titles, Johnson was diagnosed with HIV in 1991. At the time, HIV was a death sentence, and Johnson faced a difficult decision about whether to continue his basketball career. He ultimately decided to retire, but he quickly turned his attention to business.
Johnson’s first major investment was in EquiTrust Life Insurance. He bought a 60% stake in the company in 1992, and his investment has since paid off handsomely. EquiTrust has grown significantly under Johnson’s leadership, and its total assets have increased from $16 billion to $26 billion.
In addition to his stake in EquiTrust, Johnson has also invested in a variety of other businesses, including Starbucks, Burger King, and AMC Entertainment. He is also the chairman and CEO of Magic Johnson Enterprises, which owns a number of businesses in the entertainment, sports, and hospitality industries.
Johnson’s success as a businessman is due in part to his savvy investment skills and his ability to build relationships with key stakeholders. He is also known for his commitment to social responsibility. Johnson has used his wealth and platform to advocate for HIV/AIDS awareness and other causes.
Johnson’s journey to becoming a billionaire is a testament to his resilience, his entrepreneurial spirit, and his commitment to making a difference in the world. He is an inspiration to athletes and entrepreneurs alike.
