Supply: Tasos Katopodis / Getty / Magic Johnson

The Billionaires Boys Membership for Black notable athletes simply obtained its fourth member, and it’s none apart from Magic Johnson.

In accordance with the monetary bible, Forbes, Magic Johnson is now a billionaire. The NBA champion and Professional Basketball Corridor-of-Famer reached the wealth milestone due to a mix of all of his profitable investments in “skilled sports activities groups, film theaters, Starbucks cafes, and a medical insurance supplier,” based on the web site.

Johnson changing into a billionaire makes him solely the fourth skilled athlete to take action, becoming a member of his buddy Michael Jordan, LeBron James, and Tiger Woods.

Forbes studies Johnson’s minority stake within the Washington Commanders after billionaire Josh Harris’ $6.05 billion buy of the staff in Could, stakes within the WNBA’s Los Angeles Sparks, MLB’s Los Angeles Dodgers, and the MLS’ LAFC, plus different main investments pushed his internet price to $1.2 billion.

Whereas Johnson’s investments in sports activities franchises, Starbucks, and Loews get the entire consideration, Forbes factors to his funding in Iowa-based life insurance coverage firm EquiTrust because the one which makes up essentially the most good portion of his internet price.

Per Forbes:

Forbes now estimates his internet price to be $1.2 billion—the results of his stakes in these groups, and main investments in a slate of industries, together with a 60% stake in Iowa-based life insurance coverage firm EquiTrust he bought in 2015.

EquiTrust makes up the biggest portion of Johnson’s private internet price—because the buy, the Iowa-based firm’s belongings have skyrocketed from $16 billion to $26 billion, with annual revenues of roughly $2.6 billion.

Magic Johnson Might Have Been A “Trillionaire” Already

Whereas Johnson has nothing to be upset about relating to his internet price, he may have already been a trillionaire if he had made one funding again in his enjoying days, and that’s taking Nike’s supply of inventory choices as a substitute of the money with Converse.

In accordance with the numbers, Johnson missed out on $5.2 billion.

Nonetheless, being price $1.2 billion is nothing to sneeze at. Congrats to the Magic man on the accomplishment.

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Photograph: Tasos Katopodis / Getty