Earlier this year, Magic Johnson spoke about his ownership role with the Washington Commanders. Johnson speaking on the role seemingly fueled rumors of his path to becoming a billionaire. Now, it has been confirmed by Forbes that Johnson has reached billionaire status.
According to Forbes, Johnson is only the fourth athlete ever to cross the threshold of billionaire status. It was noted that Johnson’s net worth is $1.2 billion.
Investments from Johnson that contribute to the net worth include the Washington Commanders, the Los Angeles Sparks, and a massive 60% stake in EquiTrust, a life insurance company. Johnson has been involved with the company since 2015, according to Forbes. Along with that, Johnson has invested in a PepsiCo bottling plant near Washington, D.C.
For context, the other billionaires that Johnson joined the ranks of include Tiger Woods, Michael Jordan, and LeBron James.
source: Forbes
