Magic Johnson Is The Fourth Athlete To Become A BIllionaire – Newsonyx
Newsonyx
  • NEWS
  • POLITICS
  • BUSINESS
  • SPORTS
  • LIFESTYLE
  • Login
No Result
View All Result
Newsonyx
  • NEWS
  • POLITICS
  • BUSINESS
  • SPORTS
  • LIFESTYLE
No Result
View All Result
Newsonyx
No Result
View All Result
Home Sports

Magic Johnson Is The Fourth Athlete To Become A BIllionaire

Magic only made $40 million during his NBA career; the rest of his income stemmed from business ventures.

Taylor BerrybyTaylor Berry
October 30, 2023
in Sports
business, fourth, athlete, Forbes, billionaire, earnings, baller, NBA, Magic Johnson

Photo Courtesy of Magic Johnson / Instagram

17
VIEWS
Share on FacebookShare on TwitterShare via Email

Former pro-baller Earvin “Magic” Johnson Jr. stepped into the billionaire leagues — the fourth athlete to achieve this status — with a whopping $1.2 billion net worth, Forbes announced on Oct. 29. The 64-year-old legend exceeded his 1990 career goal.

With his four percent stake in NFL’s Washington Commanders, two-point-three percent stake in the Los Angeles Dodgers, his ownership of the LA Sparks, and his stake in MLS’ LAFC, the ex-Los Angeles Lakers point guard brought his cake up. His Magic Johnson Enterprise’s involvement in movie theaters, healthcare and fast food undoubtedly contributed to his earnings. Certainly, Magic’s 60% stake in EquiTrust, a Des Moines, Iowa-based life insurance company, also played a major role in his climb to billionaire status.

RELATED POSTS

Gervonta Davis Embraces Islam With New Name

Magic’s Star Anthony Black Shines In Latest Victory

Before Magic, Forbes named Tiger Woods, Michael Jordan and LeBron James the first three athletes to become billionaires. Unlike the aforementioned, most of the 64-year-old’s earnings didn’t stem from his baller days (James accumulated almost half a billion bucks strictly from his NBA contracts).

Magic’s 15-year NBA career earnings came to about $40 million from 1979 to 1991 and 1996 (a vast difference from James’ earnings). He gained an annual $2 million and $4 million in endorsements. 

In a 1990 interview with Sports Illustrated, Magic acknowledged that he wasn’t making an exorbitant amount of money in the NBA, especially with the Lakers, leading him to engage in the business side of sports and explore other business ventures. He also discussed the kind of businesses that interested him and shared his desired salary range.

“I have goals,” Magic told SI. “I want to be in that $100-$200 million, which is what you basically got to have.”

He continued, “For a franchise. And it doesn’t have to be the Lakers. It doesn’t even have to be an HBA team. I’m a sports fan. If baseball became available before basketball, I’d be right there. I want to do big business.”

Since then, Magic has invested in numerous businesses. In 1990, he and Black Enterprie’s Earl G. Graves Sr. bought a Pepsi franchise for $60 million.

Around 1998, the NBA legend got involved with the Starbucks franchise, becoming the coffee giant’s only franchisee, and landed 125 shops. He aimed to make the coffee shops available in Black neighborhoods before selling all the locations.

Tags: athleteballerbillionairebusinessearningsForbesfourthMagic JohnsonNBA
Share2Tweet1Send

Related Posts

boxer, Ali, Gervonta, Davis, Islam, Muslim, Abdul, Wahid

Gervonta Davis Embraces Islam With New Name

byAziah Kamari
December 28, 2023
0

In the world of professional boxing, where strength, agility, and determination are paramount, there's another aspect that often remains hidden...

point, teenager, Anthony, Black, game, Orlando, Magic, Wizards

Magic’s Star Anthony Black Shines In Latest Victory

byAziah Kamari
December 28, 2023
0

In a league filled with established stars and seasoned veterans, it's not every day that a teenager enters the NBA...

privacy, social, Anthony, Edwards, Stephen, Smith, text, messages

Stephen A. Smith Sounds Off On Anthony Edwards’ Drama

byAziah Kamari
December 20, 2023
0

In the world of sports, drama is never too far away, and this time it's Minnesota Timberwolves' rising star, Anthony...

Olympic, fans, Team USA, USA, U.S. Olympic & Paralympic Foundation, donations, track star, funds, Sha'Carri Richardson

Sha’Carri Richardson Claims Team USA Athletes Don’t See A Dime Of The Donation Funds

byTaylor Berry
December 7, 2023
0

Track star Sha'Carri Richardson, 23, urged the public not to donate to the U.S. Olympic & Paralympic Foundation, alleging that...

post, photo, wide receiver, injury,Tampa Buccaneers, money, hush, hush money, Antonio Brown

Antonio Brown Claims Tampa Buccaneers Paid Him ‘Hush Money’ Following 2022 Controversy

byTaylor Berry
December 4, 2023
0

Wide receiver Antonio Brown accused the Tampa Buccaneers of paying him hush money in a shocking X (formerly Twitter) post. In a...

Next Post
Vice President, president, Bill Whitaker, interview, 60 Seconds, election, Kamala Harris

Kamala Harris Asserted She And President Joe Biden Will Win The 2024 Election

Philadelphia, 76ers, James, Harden, Clippers, LA, trade, blockbuster

Clippers Acquire James Harden In Blockbuster Trade

RECOMMENDED

Simone, Biles, Jonathan, Owens, gymnast, NFL, athlete, rival

Simone Biles vs. Jonathan Owens: The Playful Clash of Athletic Titans

December 28, 2023
boxer, Ali, Gervonta, Davis, Islam, Muslim, Abdul, Wahid

Gervonta Davis Embraces Islam With New Name

December 28, 2023
point, teenager, Anthony, Black, game, Orlando, Magic, Wizards

Magic’s Star Anthony Black Shines In Latest Victory

December 28, 2023
traffic, deadly, Kenneth, Herring, Hannah, Payne, Clayton, County

Hannah Payne’s Verdict: Found Guilty In Clayton County Shooting

December 27, 2023
football, league, Sam, Allison, premier, Boxing, diversity, Black

Sam Allison Is The First Black Premier League Referee In 15 Years

December 26, 2023
  • Ky'le Harris, Banneker High School, Diploma, Refuses, Dead, Killed, Graduating

    School Refuses to Give Ky’le Harris’ Family a Diploma After Her Death

    11589 shares
    Share 4635 Tweet 2897
  • Father Removed From Frontier Airlines Flight For Comforting 2-Year-Old Daughter During Departure

    9024 shares
    Share 3608 Tweet 2255
  • New Video Emerges Of Black Woman Killed During Mexico Trip Excitedly Anticipating Excursion With Friends Before Death

    7695 shares
    Share 3078 Tweet 1924
  • DCF Social Worker Stabbed To Death During Home Visit In Illinois

    7559 shares
    Share 3024 Tweet 1890
  • Popular Instagram Chef Seemingly Cancels Himself After Colorist Tweets Surface

    7436 shares
    Share 2974 Tweet 1859
  • About
  • Contact
  • Privacy Policy

© 2021 SNACKABLE MEDIA LLC. ALL RIGHTS RESERVED.

No Result
View All Result
  • NEWS
  • POLITICS
  • BUSINESS
  • SPORTS
  • LIFESTYLE

© 2021 SNACKABLE MEDIA LLC. ALL RIGHTS RESERVED.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • NEWS
  • POLITICS
  • BUSINESS
  • SPORTS
  • LIFESTYLE

© 2021 SNACKABLE MEDIA LLC. ALL RIGHTS RESERVED.