Basketball Hall of Famer Ervin Magic Johnson has joined the Forbes Billionaires Club. Johnson is worth $1.2 billion. He owns stakes across sports properties, investing in the WNBA's Los Angeles Sparks, the MLS' Los Angeles FC, and the NFL's Washington Commanders. .A small sum of Johnson's fortune came from his NBA career. For 13 seasons he played for the Los Angeles Lakers which was the foundation for his wealth, Johnson earned $40 million ($110 million when adjusted for inflation), according to Forbes. But he is said to have primarily accumulated wealth from the EquiTrust life insurance company that he revived. Magic joins an exclusive group of other billionaire athletes Michael Jordan, Tiger Woods, and LeBron James.
Johnson is late to the party as he lost out on a Nike deal that could have netted him $5 per the Business Insider,
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