SUMMARY
- Earvin "Magic" Johnson Jr., the iconic retired basketball player turned entrepreneur, has amassed an impressive net worth of $620 million.
- Johnson, a Lansing, Michigan native, showcased extraordinary talent in basketball from a young age, leading to a successful professional career with the Los Angeles Lakers.
- Magic's investment portfolio spans across entertainment, sports franchises, and insurance sectors, demonstrating his acumen for identifying and capitalizing on lucrative opportunities.
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In the annals of basketball, Earvin "Magic" Johnson Jr. reigns supreme, not just as a trailblazing athlete, but as an astute entrepreneur with a staggering net worth of $620 million. A storied career with the Los Angeles Lakers defined his basketball journey, but Magic's real power play emerged off the court, leveraging his fame and financial acumen to build a business empire.
Born into humble beginnings in Lansing, Michigan, Magic displayed his affinity for basketball at a tender age. His athletic prowess and unique skills garnered attention, leading him to stellar high school and college careers. However, his financial journey only took off after being the first overall player selected in the 1979 NBA Draft by the Los Angeles Lakers, a tenure marked by numerous championships and awards, sealing his status as one of the greatest point guards of all time.
Magic's passion extended beyond the hardcourt, propelling him into the realm of business and investments post-retirement. With strategic foresight, he purchased a 5% share of the Lakers in 1994, followed by the acquisition of a movie studio, a promotional marketing company, and the iconic Los Angeles Dodgers. His entrepreneurial venture, Magic Johnson Enterprises, valued over $1 billion, transformed him into a respected business magnate.
Over time, Magic diversified his investments, dabbling in a variety of industries. He sold his 5% stake in the Lakers for an estimated $50-60 million and sold his Starbucks chain for $75 million. His involvement in sports franchise acquisitions expanded to the WNBA team, Los Angeles Sparks, and the MLS expansion franchise, Los Angeles Football Club. An insurance venture followed in 2015 when he acquired a controlling interest in EquiTrust Life Insurance Company.
In recent times, Magic's financial wizardry took a new turn as he joined an investment group that purchased the Washington Commanders of the NFL for a whopping $6.05 billion. Additionally, he is an investor for aXiomatic eSports, the ownership company of Team Liquid, demonstrating his ability to adapt to emerging markets. Magic's story is not just about an athlete turned entrepreneur; it's a tale of determination, resilience, and financial savvy.
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