Magic Johnson Declared a Billionaire By Forbes

Magic Johnson simply joined the 10-figure membership — and he is within the prestigious firm as just one of some athletes to achieve the achievement … so says Forbes, anyway.

The famed journal — which prides itself on retaining tabs on stars’ fortunes — says their new tally on the Laker nice has now made him an official billionaire … and he is received change to spare with the title. In response to them, Earvin’s estimated internet price is round $1.2 bil.

They are saying his large wealth post-basketball comes on account of a hodgepodge of investments he is made over time — and if you realize something about Magic, that tracks.

The dude’s a partial proprietor in various professional sports activities groups — together with the Dodgers, the Sparks, MLS’ LAFC and more recently … the NFL’s Washington Commanders. Apparently sufficient, although, these minority proprietor stakes aren’t what make him rich-rich right here.

Apparently, it is Magic’s 60% stake in a life insurance coverage firm referred to as EquiTrust … which he snapped up in 2015. The corporate’s been booming in earnings since then — and he is rolling within the dough because of this.

There are extra investments Magic’s made that tipped him over the sting … together with movie show chains he is purchased into, in addition to a Starbucks partnership he entered into some time again. He is additionally received an additional minority stake in a PepsiCo bottling plant exterior of D.C.

After all, he is additionally a media mogul … to not point out an extremely recognizable face nearly all over the place he goes — which most likely helps when he will get booked for appearances.

Like we stated, Magic hitting this benchmark places him in an unique group amongst 3 different athletes within the billionaire stratosphere … that’d be LeBron James, Tiger Woods and Michael Jordan. Now Magic’s there too — and to be trustworthy, it was most likely a very long time coming.