How Magic Johnson reached billionaire status? A look at his Top 5 high-value assets

Los Angeles Lakers legend Magic Johnson retired from professional basketball in 1991 after his HIV diagnosis, however, Johnson did not at all step away from the spotlight. Rather, he shifted his focus to business. He started Magic Johnson Enterprises, a corporation that invests in sectors including entertainment, real estate, as well as healthcare.

Today, the former NBA Hall of Famer is one of the most wealthy businessmen in the world. He is the third-wealthiest basketball legend to have become a billionaire after Michael Jordan and LeBron James. All goes to his smart investments and the assets that he owns. Johnson also has a few small stakes in the Washington Commanders (NFL), Los Angeles Dodgers (MLB), Los Angeles Sparks (WNBA), and many more. Along with that, Johnson has also invested in fast food chains, theaters, as well as real estate, all of which have significantly added to his wealth.

Here are the top 5 assets and investments of Magic Johnson:

EquiTrust:


EquiTrust is a life insurance company established in 1996, is one of Magic Johnson's largest assets. He acquired the company's majority ownership in 2015, and since then, has helped it grow from 16 million to 26 million in terms of assets. The company now

Starbucks Coffee:


In 1998, Magic Johnson partnered up with Starbucks CEO Howard Schultz, in an equal partnership, and opened 100 Starbucks coffee shops across various locations for the black communities. Following its success, Starbucks extended Magic Johnson a company-backed loan. After repaying it in 2010, the Lakers legend sold the locations for a significant amount $75 million in profit.

Sony-Loews Cineplex:


In 1994, Magic Johnson proposed opening a movie theater in the Baldwin Hills, Los Angeles. Johnson successfully convinced Peter Guber, the then CEO of Sony Pictures, to support this idea of his. Despite concerns over gun violence in the area, Guber agreed to launch Sony Loews Cineplex theatre chains in a 50–50 partnership with Johnson. Johnson then declared the theater a strictly non-violent space and expanded it to black communities across Atlanta, Houston, Washington, D.C., and New York City. In 2004, Johnson sold all his Sony Loews Cineplex theaters, taking huge profits.

Burger King:


In 2004, Magic Johnson’s Enterprises company bought 30 Burger Kings across different parts of the country, including Georgia, Alabama, Texas, and Florida. Johnson's primary motivation was to create more jobs for the black communities by strengthening and empowering them financially.

Sports Teams:

After massive success in sectors like entertainment, food, etc, Magic Johnson decided to invest in sports teams. Johnson took a stake in the NBA’s Los Angeles Lakers, which he then sold in 2004, bringing him a wholesome amount of profit. Johnson has invested about $247 million, per Sportskeeda, in the NFL team Washington Commanders. He also has stakes in the WNBA's team Los Angeles Sparks, the MLB team Los Angeles Dodgers, MLS’s LAFC. These investments have proved to be quite beneficial for Johnson, earning him huge amounts of wealth.


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