After being chosen first overall in the 1979 NBA Draft out of Michigan State, Magic Johnson went on to have one of the most illustrious careers in NBA history.
Magic Johnson is the fourth active or retired professional athlete to achieve billionaire status, according to a recent Forbes report by Matt Craig and Brian Bushard. Tiger Woods, LeBron James, and Michael Jordan are the others.
It’s interesting to note that Johnson had the chance to become a billionaire earlier because, when he was breaking into the NBA, shoe companies like Converse, Adidas, and Nike approached him with offers of shoe deals.
In addition, Johnson allegedly received $100,000 in stock from Nike for $0.18 per share, plus an additional $1 for each shoe sold. However, at the time, Johnson had little financial experience, and Nike was a relatively new company. Rather, he agreed to a contract worth $100,000 a year with Converse.
Johnson’s net worth is estimated to be $1.2 billion which accumulated from his NBA career and from his minority ownership of the Los Angeles FC in Major League Soccer, the Los Angeles Sparks in Women’s Basketball, the Los Angeles Dodgers in Major League Baseball and made an investment in the NFL’s Commanders.
The former basketballer invested in cable networks, movie theaters, gyms, and Starbucks franchises. Johnson also holds stock in 24 Hour Fitness, Burger King, and EquiTrust life insurance.
While only four athletes Jordan, James, Woods, and Johnson have an estimated net worth in the billions, other athletes are estimated to have amassed a similar amount overall. According to Forbes, Floyd Mayweather, Cristiano Ronaldo, Lionel Messi, and Roger Federer have all amassed 10-figure fortunes during their careers.