Magic Johnson.Photo:Nathan Congleton/NBC via GettyMagic Johnsonhas crossed the line from millionaire to billionaire.The former NBA star and business mogul, 64, amassed most of his fortune from his majority ownership of EquiTrust insurance company,Forbeshas reported.Since Johnson took over the reins about ten years ago, the company’s assets have increased from $16 billion to $26 billion, per the outlet.Magic Johnson in October 2023.Allen J. Schaben/Los Angeles Times via GettyHis investments in sports teams, such as the NFL’sWashington Commanders, the WNBA’sLos Angeles Sparksand the MLB’sLos Angeles Dodgers, also helped him reach billionaire status,CNNreported. He had previously owned a stake in his former NBA team, the Los Angeles Lakers, from 1994 to 2010, per the outlet.He made around $40 million while playing 13 seasons for the Los Angeles Lakers — or roughly $110 million when adjusted for inflation — before he retired suddenly in 1991 due to hisHIV diagnosis, per CNN.Magic Johnson Playing for the Lakers in 1985.Andy Hayt/NBAE via GettyEarlier this year Johnson revealed onAll The Smokepodcastthat he missed a chance to become a billionaire in 1979 when turning down an offer fromNiketo be paid in shares.“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,” Johnson said on the podcast.Never miss a story — sign up forPEOPLE’s free daily newsletterto stay up-to-date on the best of what PEOPLE has to offer, from celebrity news to compelling human interest storiesHe chose to sign a deal with Converse that gave him $100,000 annually in advance instead, Johnson said on the podcast.The agreement with Nike would have compensated Johnson with $1 for each pair of sneakers sold and provided him with 100,000 shares of the company’s stock,according toBusiness Insider.“So I passed on the stocks. Can you imagine? 45 years, $5 billion that stock would have been worth today,” Johnson said on the podcast.According toForbes, Johnson is the fourth athlete to have joined the $1 billion club, which also includesTiger Woods,Michael JordanandLeBron James.
Magic Johnson.Photo:Nathan Congleton/NBC via Getty
Nathan Congleton/NBC via Getty
Magic Johnsonhas crossed the line from millionaire to billionaire.The former NBA star and business mogul, 64, amassed most of his fortune from his majority ownership of EquiTrust insurance company,Forbeshas reported.Since Johnson took over the reins about ten years ago, the company’s assets have increased from $16 billion to $26 billion, per the outlet.Magic Johnson in October 2023.Allen J. Schaben/Los Angeles Times via GettyHis investments in sports teams, such as the NFL’sWashington Commanders, the WNBA’sLos Angeles Sparksand the MLB’sLos Angeles Dodgers, also helped him reach billionaire status,CNNreported. He had previously owned a stake in his former NBA team, the Los Angeles Lakers, from 1994 to 2010, per the outlet.He made around $40 million while playing 13 seasons for the Los Angeles Lakers — or roughly $110 million when adjusted for inflation — before he retired suddenly in 1991 due to hisHIV diagnosis, per CNN.Magic Johnson Playing for the Lakers in 1985.Andy Hayt/NBAE via GettyEarlier this year Johnson revealed onAll The Smokepodcastthat he missed a chance to become a billionaire in 1979 when turning down an offer fromNiketo be paid in shares.“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,” Johnson said on the podcast.Never miss a story — sign up forPEOPLE’s free daily newsletterto stay up-to-date on the best of what PEOPLE has to offer, from celebrity news to compelling human interest storiesHe chose to sign a deal with Converse that gave him $100,000 annually in advance instead, Johnson said on the podcast.The agreement with Nike would have compensated Johnson with $1 for each pair of sneakers sold and provided him with 100,000 shares of the company’s stock,according toBusiness Insider.“So I passed on the stocks. Can you imagine? 45 years, $5 billion that stock would have been worth today,” Johnson said on the podcast.According toForbes, Johnson is the fourth athlete to have joined the $1 billion club, which also includesTiger Woods,Michael JordanandLeBron James.
Magic Johnsonhas crossed the line from millionaire to billionaire.
The former NBA star and business mogul, 64, amassed most of his fortune from his majority ownership of EquiTrust insurance company,Forbeshas reported.
Since Johnson took over the reins about ten years ago, the company’s assets have increased from $16 billion to $26 billion, per the outlet.
Magic Johnson in October 2023.Allen J. Schaben/Los Angeles Times via Getty
Allen J. Schaben/Los Angeles Times via Getty
His investments in sports teams, such as the NFL’sWashington Commanders, the WNBA’sLos Angeles Sparksand the MLB’sLos Angeles Dodgers, also helped him reach billionaire status,CNNreported. He had previously owned a stake in his former NBA team, the Los Angeles Lakers, from 1994 to 2010, per the outlet.
He made around $40 million while playing 13 seasons for the Los Angeles Lakers — or roughly $110 million when adjusted for inflation — before he retired suddenly in 1991 due to hisHIV diagnosis, per CNN.
Magic Johnson Playing for the Lakers in 1985.Andy Hayt/NBAE via Getty
Andy Hayt/NBAE via Getty
Earlier this year Johnson revealed onAll The Smokepodcastthat he missed a chance to become a billionaire in 1979 when turning down an offer fromNiketo be paid in shares.
“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,” Johnson said on the podcast.
Never miss a story — sign up forPEOPLE’s free daily newsletterto stay up-to-date on the best of what PEOPLE has to offer, from celebrity news to compelling human interest stories
He chose to sign a deal with Converse that gave him $100,000 annually in advance instead, Johnson said on the podcast.
The agreement with Nike would have compensated Johnson with $1 for each pair of sneakers sold and provided him with 100,000 shares of the company’s stock,according toBusiness Insider.
“So I passed on the stocks. Can you imagine? 45 years, $5 billion that stock would have been worth today,” Johnson said on the podcast.
According toForbes, Johnson is the fourth athlete to have joined the $1 billion club, which also includesTiger Woods,Michael JordanandLeBron James.
source: people.com
