Basketball icon Magic Johnson has been declared a billionaire by Forbes. He’s only the 4th sport star to be declared a billionaire by the business magazine. Johnson recently revealed he passed on an early chance to buy Nike shares that could’ve netted him billions. “My family didn’t come from money, that’s one thing that hurt us sometimes. When you don’t come from money, you don’t know. I didn’t even know what stocks [were] at that time,” Johnson told the All The Smoke podcast earlier in the year.
Magic Johnson is the newest member of the Billionaires Club, according to Forbes. The magazine estimates his wealth at $1.2 billion. The NBA legend expanded his bustling business portfolio earlier this year, adding a minority stake in the Washington Commanders. Other notable investments propelling his wealth include the Los Angeles Dodgers, reigning MLS champions Los Angeles FC, and the LA Sparks. In addition, through his Magic Johnson Enterprises, he has created an empire of movie theaters across the United States.
