Magic Johnson, the former NBA legend, has become a billionaire and joined a select group of people that includes golfers Tiger Woods, LeBron James, and Michael Jordan. Throughout his time with the Los Angeles Lakers, he earned approximately $40 million in on-court earnings.
However, the majority of his projected $1.2 billion net worth comes from wise business decisions. Even though Johnson receives less than $5 million in endorsement deals per year, his financial success is evidence that his business sense outpaces his athletic accomplishments.
What was Magic Johnson’s source of income?
Magic Johnson, a former Laker player, gained a sizable portion of his fortune by making calculated bets on sports teams. He was a founding member of the Los Angeles Dodgers ownership group, a part-owner of the Los Angeles Sparks of the WNBA and the Los Angeles FC of Major League Baseball, and he just became an owner of the Washington Commanders of the NFL. His wide range of sporting accomplishments demonstrates his impact in a variety of sports.
- Magic Johnson’s Wealth Origin: Johnson’s stakes in Magic Johnson Enterprises account for a sizeable chunk of his net wealth.
- Influence in a Variety of Industries: According to Forbes, Johnson’s company has a significant impact on several different industries, including real estate, healthcare, fast-food chains, and movie theatres.
- Key Asset: EquiTrust: The main source of Magic Johnson Enterprises’ projected $1.2 billion net worth is the company’s full ownership of the Iowa-based life insurance provider.
The outstanding basketball career of Magic Johnson
Johnson, a native of Lansing, Michigan, shot to fame in the NBA in 1979 after leaving Michigan State. After defeating Larry Bird’s Indiana State team to win the NCAA title, he was selected first overall by the Los Angeles Lakers in the NBA Draft. The 1980 NBA Finals triumph marked the pinnacle of Johnson’s rookie campaign, and he became the first-ever rookie to win Finals MVP. His smooth transition from NBA legend to collegiate standout is still unmatched.
When Magic Johnson was diagnosed with HIV in 1991, his once-burgeoning career came to an abrupt halt, and he decided to quit right away. Before officially quitting the NBA post-playoff elimination, he made a brief return in 1996.
During his 13-year career, he consistently averaged 19.5 points, 7.2 rebounds, and 52% accuracy on field goals per game. The two NBA records that Johnson broke—a record-breaking 2,346 assists in the postseason and an average of 11.2 assists per game during the regular season—will always be remembered.
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