Is it magic? Probably not. But it feels like it considering Magic Johnson is only the fourth Black athlete to become a billionaire, joining Michael Jordan, LeBron James, and Tiger Woods.
According to Forbes, the Hall of Fame point guard has an estimated net worth of $1.2 billion.
While his legendary career as an NBA player has given Johnson endless fame and notoriety, it’s his savvy business moves and investments that have made millions of dollars in his post-playing career.
Johnson is known for having a partial stake in several professional sports franchises including, the Los Angeles Dodgers, the Los Angeles Sports, the Washington Commanders, and MLS’ Los Angeles FC. But that is not what got him into the 10-figure club.
Forbes reports that a majority of his billion-dollar fortune came from his 60% stake in EquiTrust, a life insurance based in Illinois. He invested in the company eight years ago in 2015.
While that’s the biggest reason for Magic’s wealth, it’s not the only. Before that investment, he was already rolling in dough. He owns several movie theater chains, fast food restaurants, fitness centers, and many other businesses.
He’s made all of these business moves through his investment company, Magic Johnson Enterprises, which was founded in 1987, while he was still playing (and balling) for the Los Angeles Lakers.
The crazy part is, while he’s been busy investing, Johnson has still had “regular” jobs. In March 1994, the Lakers hired Johnson to be the head coach of the team for the last 16 games of the 1993-1994 season (it didn’t go that well).
He also became a studio analyst for ESPN’s NBA countdown in 2008 (which went a lot better than his time as a coach). In 2017, the Lakers hired Johnson again, but this time as the President of Basketball Operations. He’s part of the reason the team landed LeBron James in the summer of 2018.
He abruptly quit that position near the end of the 2018-2019 NBA season. Since then, Johnson has strictly focused on his next business venture and it led him to become a part of the Billionaire club.
But in all honesty, it’s surprising it took this long.