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Magic Johnson is one of the wealthiest athletes in the world today. The LA Lakers legend made his money after his playing career, making sound investments in several companies. So, is Magic Johnson a billionaire? Let's take a look at the basketball great's updated net worth.
According to the latest report by Forbes, Johnson is a billionaire. He became just the fourth athlete to achieve the feat, following Tiger Woods, Michael Jordan and LeBron James.
Johnson's estimated net worth is $1.2 billion, most of which came from his investment in a life insurance company and several sports franchises. He's the third NBA player to become a billionaire and has the lowest career earnings compared to James and Jordan.
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Most of Magic Johnson's current net worth comes from his stake in the life insurance company EquiTrust.
Johnson bought a controlling interest in the Des Moines, Iowa-based company back in 2015 and it has paid off significantly. EquiTrust's total assets grew from $16 billion to $26 billion since Johnson became the majority owner. They have an annual revenue of around $2.6 billion.
The Hall of Fame guard has a stake in at least four sports franchises. He's a minority owner of the Washington Commanders in the NFL, the LA Dodgers in MLB, Los Angeles FC in the MLS and the LA Sparks of the WNBA. He's missing an ownership stake in the NBA and NHL.
Apart from a life insurance company and sports teams, Magic Johnson Enterprises also has stakes in movie theaters, fast food franchises and real estate among others.
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Is Magic Johnson a billionaire? A look at his $242 million investment in the Washington Commanders
Magic Johnson once dreamed about owning an NFL franchise. He fulfilled it earlier this year when he was part of Josh Harris' ownership group that bought the Washington Commanders of the NFL.
The ownership group announced the sale in July for a whopping $6.05 billion, making it the most expensive sports team sale in history. Johnson invested a total of $247 million to the ownership group, making him a minority owner of the Commanders.
The sale beat out Todd Boehly's purchase of Chelsea Football Club and the $4.7 billion sale of the Denver Broncos to Rob Walton of Walmart last year.
"What a great day!" Johnson wrote on X in July. "To be an NFL owner of the Washington Commanders, this is one of the greatest days of my life.
"The way the fans received us, the way the employees are fired up and the amazing Redskins alumni…WOW. The players are ready to go out and perform on Sunday!"
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