Magic Johnson Attains Billionaire Status, According to Forbes

Magic Johnson, a former basketball star, has been named a billionaire by Forbes magazine, making him only the fourth athlete to achieve this status. Forbes estimates his wealth to be around $1.2 billion. The other athletes who are billionaires include NBA players Michael Jordan and LeBron James, as well as golfer Tiger Woods. Johnson has made investments in a variety of companies and holds ownership stakes in several sports teams. However, Forbes suggests that his stake in a life insurance company is where most of his wealth lies. Although Johnson had a successful career in the NBA, it was his ventures outside of sports that earned him the majority of his fortune. Forbes states that he made $40 million from his NBA career. Johnson is also an owner of three sports teams based in Los Angeles, including the MLB's Los Angeles Dodgers. Additionally, he has invested in popular brands such as Starbucks, Burger King, and 24 Hour Fitness. Furthermore, Johnson revealed that he could have become a billionaire even earlier if he hadn't declined shares in Nike during the 1970s when he entered the NBA. Instead, he opted for a deal with Converse, which offered him $100,000 per year. In a recent interview, he expressed regret for not taking the stock option, which could have been worth $5 billion today.