From CBS
Magic Johnson is officially a billionaire, according to Forbes. This means the Lakers legend will be just the fourth athlete to achieve this benchmark, joining Michael Jordan, LeBron James and Tiger Woods.
Forbes now estimates Johnson's net worth to be $1.2 billion. After becoming the first overall pick in the 1979 NBA Draft out of Michigan State, Johnson went on to have one of the most iconic careers in NBA history.
Johnson was the NBA's assists leader four times and steals leader twice. His many accomplishments include five NBA championships and 12 All-Star appearances.
However, Johnson earned most of his money after he was done playing. In fact, Forbes reports he made $40 million from his NBA career, and he earned the rest by being a savvy business man who invests in multiple different areas.
Johnson has ownership stakes in three Los Angeles-based sports teams, including the WNBA's Los Angeles Sparks, MLB's Los Angeles Dodgers and MLS' LAFC. He also invested in the NFL's Commanders earlier this year. Johnson's non-sports investments include Starbucks, Burger King, 24 Hour Fitness and the life insurance company EquiTrust.
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