Magic Johnson becomes fourth billionaire athlete

Former NBA star Magic Johnson is officially a billionaire, according to the business publication Forbes. He becomes the fourth athlete to reach the plateau, joining Tiger Woods, Michael Jordan and LeBron James.

Johnson, 64, is worth about $1.2 billion, Forbes calculates, most of it from a majority ownership of the EquiTrust insurance company. Its assets have grown from $16 billion to $26 billion over the decade since Johnson took control.

Johnson has also invested in sports teams, including Washington Commanders, Los Angeles Dodgers and WNBA team Los Angeles Sparks. Johnson had owned a stake in his former team, the Los Angeles Lakers, from 1994 to 2010.

Only a fraction of his wealth can be contributed to his 13-year NBA playing career, where he played 13 seasons with the Lakers. He earned about $40 million before his abrupt retirement in 1991 because of an HIV diagnosis.

Johnson has also made money from past investments including a movie theater chain that he sold in 2004 and about 100 Starbucks locations he sold in 2010. 



Magic Johnson meets with Washington Commanders staff and athletes in September. (AP Photo Alex Brandon)