LANDOVER, MD - OCTOBER 05: Magic Johnson visits on set of the pregame show prior to the Thursday Night Football game on Amazon Prime at FedEx Field on October 5, 2023 in Landover, Maryland. (Photo by Cooper Neill/Getty Images)
Magic Johnson has officially amassed an estimated net worth of approximately $1.2B, making him one of the handful of athletes to attain the coveted billionaire title!
Forbes announced the news on Sunday (Oct. 29), attributing the bulk of his wealth to his stake in a life insurance company, along with sports-focused investments.
Notably, this update makes Magic the fourth-ever athlete that the publication has recognized as a billionaire. Other stars reported as being in the billionaire club include Michael Jordan, Tiger Woods, and LeBron James.
Peter Guber, a businessman who’s partnered with Magic for various investments, noted that the former basketball star has a “special talent” for finding meaningful opportunities while developing solid relationships with other figures.
“He was born with that special talent; he’s had it since the beginning of his career. If I could know exactly what it was, I would bottle it and give it to myself and everybody in my company.”
As for investor Michael Ovitz, he recounted how Magic Johnson was always down to invest in any pursuit that “fit the parameters of what a good business should be.” In other words, he kept an open mind and stayed focused on the larger picture!
“He was always agnostic about what the business was. As long as it fit the parameters of what a good business should be.”
According to BBC News, other investments that Magic has a stake in include Starbucks, 24 Hour Fitness, and Burger King.
This noteworthy development comes after Magic placed a history-making bid to purchase the Washington Commanders for $6B, as The Shade Room reported.
Investor Josh Harris wound up claiming the majority stake in the Washington, D.C., team. However, Magic Johnson nonetheless became a limited owner.
Along with his stake in the Commanders, Forbes reports that Magic also has small holdings in the Los Angeles Dodgers, Los Angeles Sparks, and Los Angeles Football Club (LAFC).
