Magic Johnson joins Michael Jordan, LeBron James and Tiger Woods in the very exclusive club of billionaire athletes! According to the magazine Forbesthe fortune of the former leader of the Lakers version “Show Time” would be estimated at 1.2 billion dollars.
Earlier this year, Magic added a minority stake in the Washington Commanders (NFL) to its portfolio, even though it already held shares in the Los Angeles Dodgers (MLB), LA Football Club (MLS) and the Los Angeles Sparks (WNBA). This year, he explained that he was ready to become co-owner of the Knicks.
Many investments for the black community
The bulk of Magic Johnson’s fortune comes from his 60% investment in the life insurance company EquiTrust, whose assets grew from $16 to $26 billion, for an annual turnover of approximately $2.6 billion, according to Forbes.
Philanthropist Magic Johnson also created a joint venture with Starbucks to open cafes in black neighborhoods and a partnership with Loews to open cinemas in large cities with large black populations, such as New York, Los Angeles, Atlanta and Houston.
