Magic Johnson named a billionaire by Forbes

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Image: Instagram/@magicjohnson

By TheGrio Lifestyle

Magic Johnson has officially reached the billionaire club!

Forbes reported that the NBA star turned elite businessman has a $1.2 billion net worth – making him the fourth professional athlete to reach the milestone after a successful post-basketball career as an investor.

Johnson, 64, earned $40 million throughout his Los Angeles Lakers career, approximately $110 million after inflation. However, he’s acquired most of his income off the court.

Following the 1990-1991 season, Johnson tested positive for HIV, a dangerous virus that compromises the immune system and can lead to AIDS if left untreated — prompting his immediate retirement.

Since retiring, the 12-time NBA All-Star has launched a movie theater chain in collaboration with Loews, establishing theaters in predominantly Black neighborhoods in major cities nationwide. He has also begun a 50/50 venture with Starbucks to open cafes in Black neighborhoods.

Johnson holds a minority ownership in a PepsiCo bottling facility near Washington, D.C., that he bought in a $60 million transaction with businessman Earl Graves in 1990.

The HIV spokesman holds a minority ownership in the NFL’s Washington Commanders, purchased for $6.05 billion by billionaire Josh Harris in May.

Johnson also has shares in the WNBA’s Los Angeles Sparks, the MLB’s Los Angeles Dodgers, and the MLS’s Los Angeles FC.

However, EquiTrust dominates Johnson’s net worth. Since purchasing a 60% share in 2015, the Iowa-based company’s assets have increased from $16 billion to $26 billion, with annual sales of around $2.6 billion.

Johnson spent his entire professional career with the Lakers after being selected as the first overall pick in the 1979 NBA draft.

Johnson’s billionaire title mirrors that of NBA legends Michael Jordan and LeBron James, as well as golfer Tiger Woods.