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Magic Johnson has formally amassed an estimated web price of roughly $1.2B, making him one of many handful of athletes to achieve the coveted billionaire title!
RELATED: Magic Johnson Group Places Historic $6 Billion Bid To Purchase Washington Commanders
Magic Johnson Is The Fourth Athlete To Be Acknowledged As A Billionaire By Forbes
Forbes introduced the information on Sunday (Oct. 29), attributing the majority of his wealth to his stake in a life insurance coverage firm, together with sports-focused investments.
Notably, this replace makes Magic the fourth-ever athlete that the publication has acknowledged as a billionaire. Different stars reported as being within the billionaire membership embody Michael Jordan, Tiger Woods, and LeBron James.
Peter Guber, a businessman who’s partnered with Magic for numerous investments, famous that the previous basketball star has a “particular expertise” for locating significant alternatives whereas creating stable relationships with different figures.
“He was born with that particular expertise; he’s had it because the starting of his profession. If I might know precisely what it was, I’d bottle it and provides it to myself and everyone in my firm.”
As for investor Michael Ovitz, he recounted how Magic Johnson was at all times right down to put money into any pursuit that “match the parameters of what a great enterprise ought to be.” In different phrases, he saved an open thoughts and stayed targeted on the bigger image!
“He was at all times agnostic about what the enterprise was. So long as it match the parameters of what a great enterprise ought to be.”
In line with BBC News, different investments that Magic has a stake in embody Starbucks, 24 Hour Health, and Burger King.
Diving Into His Sports activities Investments
This noteworthy growth comes after Magic positioned a history-making bid to buy the Washington Commanders for $6B, as The Shade Room reported.
Investor Josh Harris wound up claiming the bulk stake within the Washington, D.C., staff. Nonetheless, Magic Johnson nonetheless turned a restricted proprietor.
Alongside along with his stake within the Commanders, Forbes studies that Magic additionally has small holdings within the Los Angeles Dodgers, Los Angeles Sparks, and Los Angeles Soccer Membership (LAFC).
RELATED: Magic Johnson Praises Son EJ For ‘Saving A Lot Of People’s Lives’: ‘I’m Really Proud Of Him’
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