Lakers legend Magic Johnson is officially a billionaire, Forbes says

ByJordan Valinsky, CNN, CNNWire
Monday, October 30, 2023
Magic Johnson is officially a billionaire, Forbes says
Lakers legend Magic Johnson has officially joined the billionaires club with a net worth of $1.2 billion, according to Forbes.

NEW YORK -- Former NBA star and investor Magic Johnson is officially a billionaire, becoming the fourth athlete to earn that title, according to Forbes.

Johnson, 64, is worth about $1.2 billion, the publication calculated, with most of his wealth stemming from his majority ownership of EquiTrust insurance company. It's arguably his biggest business achievement, since its assets have grown from $16 billion to $26 billion since Johnson took control about a decade ago.

Also contributing to his billionaire status are investments in sports teams, including NFL team Washington Commanders, WNBA team Los Angeles Sparks and MLB team Los Angeles Dodgers. Johnson had owned a stake in his former team, the Los Angeles Lakers, from 1994 to 2010.

Only a fraction of his wealth can be contributed to his storied NBA career, where he played 13 seasons with the Lakers. He earned about $40 million (or about $110 million when adjusted for inflation) before his abrupt retirement in 1991 because of an HIV diagnosis.

Johnson has also made money from past investments including a movie theater chain that he sold to Loews in 2004 and about 100 Starbucks locations he sold back to the company in 2010. Johnson now has money in "everything from NFTs to CBD," Forbes said, and he's also on the board of Fanatics and Cameo.

Johnson joins athletes Tiger Woods, Michael Jordan and LeBron James in achieving billionaire status, Forbes said.

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