According to Forbes, Magic Johnson has officially become a billionaire.
His net worth has reached $1.2 billion, making him one of the world’s wealthiest.
Magic Johnson’s Career Was Stellar
Johnson became the first pick from Michigan in the 1979 NBA Draft.
He had one of the most legendary NBA careers, becoming the league’s top assister four times.
He also made 12 All-Star appearances and took home five NBA championships.
Throughout his decorated career, Johnson earned $40 million.
However, he became a true entrepreneur after hanging up his boots.
He owns stakes in three LA-based sports teams, including:
- WNBA’s Los Angeles Sparks
- MLB’s Los Angeles Dodgers
- MLS’ LAFC
Early this year, Magic Johnson also made a sizable investment in the NFL’s Commanders.
But Johnson hasn’t just invested in sports teams.
His other investments include:
- 24 Hour Fitness
- Burger King
Interestingly, Johnson could have reached billionaire status years earlier.
When he joined the NBA, he received lucrative offers from Nike, Adidas, and Converse.
Nike offered him $1 for every shoe sold along with 100,000 shares, each worth $0.18.
However, Nike was still a young company, and Johnson wasn’t well-versed in investing.
So, instead of the Nike deal, Johnson opted for Converse’s offer, which amounted to $100,000 per year.
“My family didn’t come from money, that’s one thing that hurt 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.”