Magic Johnson Just Became A Billionaire, Here's How

BYAlexander ColePublished on October 30, 20231274 Views

CLEVELAND, OHIO - FEBRUARY 20: Earvin "Magic" Johnson reacts after being introduced as part of the NBA 75th Anniversary Team during the 2022 NBA All-Star Game at Rocket Mortgage Fieldhouse on February 20, 2022 in Cleveland, Ohio. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. (Photo by Tim Nwachukwu/Getty Images)

Magic Johnson is racking up cash.

Magic Johnson is one of the greatest players in the entire history of the NBA. Overall, he won five NBA titles with the Los Angeles Lakers, and he continues to be praised for the amazing legacy he left. However, Johnson is not done building that legacy. He has become quite the businessman in recent years. He has numerous investments and is involved with numerous sports teams. According to Forbes, Johnson is officially a billionaire, which is something that previously didn't seem possible.

Of course, fans are now wondering how Johnson was able to make this happen. Well, he has numerous endorsements, which certainly helps. Furthermore, he has minority stakes in teams such as LAFC, the Washington Commanders, the Los Angeles Sparks, and even the Dodgers. Perhaps his biggest claim to billionaire status, however, is his 60 percent ownership in EquiTrust. The life insurance company has been extremely successful, and in turn, Magic has raked in the profits.

Magic Johnson Gets A New Achievement

LOS ANGELES, CA - OCTOBER 27: Magic Johnson Enterprises Chairman and CEO Magic Johnson speaks onstage at the SUPERCHARGED Summit By Kwanza Jones At NeueHouse Hollywood on October 27, 2018 in Los Angeles, California. (Photo by Jesse Grant/Getty Images for SUPERCHARGED)

Interestingly enough, Johnson is actually worth a bit more than just $1 billion. As it stands, Forbes is listing his net worth at a total of $1.2 billion. Overall, that is a truly incredible mark. There are a few athletes who have reached this mark, including LeBron James. That said, it is cool to see someone with the cache of Magic get there, as well. We are sure he is going to be celebrating for quite some time.

Be sure to let us know what you think of this development, in the comments section below. Did you think Magic would ever achieve this? Additionally, stay tuned to HNHH for the latest news and updates from around the sports world. We will always be sure to bring you the biggest news from all of your favorite athletes.

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About The Author

Alexander Cole

Alexander Cole is the current Managing Editor of HotNewHipHop. He started at HotNewHipHop back in 2018 where he began as a Sports and Sneakers writer. During this time, he has shown an expertise in Air Jordans, Yeezys, and all things that have to do with Nike. His favorite kicks are the Air Jordan 1 High OG, the Air Jordan 4, the Air Jordan 6, and the Adidas Yeezy Boost 350 V2 in the "Beluga 2.0" colorway. Although his collection might not be the biggest, he is always looking to add new styles to it. When it comes to sports, Alex has a particular interest in the NBA and the NFL. His favorite teams are anywhere LeBron goes, and the Kansas City Chiefs. As a Montrealer, the Montreal Canadiens hold a special place in his heart, even if they haven't won the Stanley Cup in his lifetime. Alex also works for the Concordia Stingers, where he provides play-by-play and color commentary for the football, hockey, and basketball teams His favorite hip-hop artists are Kendrick Lamar, Playboi Carti, Travis Scott, and Lil Uzi Vert.