In a recent appearance on Jimmy Kimmel Live, the ever-charming Magic Johnson delighted fans and viewers with an entertaining interview that covered a wide range of topics, from his newfound NFL co-ownership to his legendary encounters with celebrities during his Showtime Lakers days. One of the most intriguing anecdotes Johnson shared was about his interactions with the King of Pop, Michael Jackson, during Lakers games.
As Johnson recounted, Michael Jackson was initially reluctant to attend Lakers games, fearing the intrusive paparazzi and zealous fans. However, Magic Johnson extended a personal invitation to the music icon, urging him to experience the Lakers’ electrifying games from a front-row seat, right behind the team’s bench. Jackson eventually agreed, but his apprehensions were validated in a matter of minutes.
“He was right. He came and in two minutes the whole 17,505 of the crowd came down to Michael,” Magic Johnson humorously recalled. “He had to moonwalk out quick.”
Amid the laughter, Johnson also fondly reminisced about the times he effectively “toured” with Michael Jackson. Jimmy Kimmel playfully interjected, stating, “When you say you toured with him, you mean, he went on tour, and you followed him, right?” Magic Johnson, with a smile, conceded but clarified that he enjoyed unprecedented access. He revealed that he would stay in neighboring hotel rooms with Jackson and even travel to the shows in the same car as the music legend.
Magic Johnson’s entertaining anecdotes shed light on the fascinating behind-the-scenes interactions that unfolded during his Showtime Lakers era, a period when both he and Michael Jackson were at the zenith of their fame.
However, the most striking revelation from the interview was that Magic Johnson has officially joined the exclusive billionaire club. According to Forbes, the 64-year-old basketball legend has amassed a net worth of $1.2 billion, making him the fourth American athlete to achieve billionaire status. The other illustrious members of this exclusive group include Tiger Woods, Michael Jordan, and LeBron James.
The lion’s share of Johnson’s wealth is attributed to his majority ownership of EquiTrust, an insurance company he took control of more than a decade ago. Since then, the company’s value has soared from $16 billion to an impressive $26 billion.
Magic Johnson’s involvement in sports ownership is equally remarkable. He is a minority owner of the Washington Commanders in the NFL, having invested $242 million for a 4% stake in the team. This year, the Commanders were purchased for a staggering $6.05 billion.
In Major League Baseball, Johnson owns a 2.3% stake in the LA Dodgers, a franchise valued at $4.8 billion. His ownership group acquired the Dodgers for $2 billion in 2012.
Johnson’s entrepreneurial pursuits extend to basketball and soccer, as he invested in LAFC, a Major League Soccer team, in 2014. He also holds a stake in the WNBA’s Los Angeles Sparks and briefly owned a share of his beloved Los Angeles Lakers, a team he once graced as a player.
Magic Johnson’s business portfolio is nothing short of diverse and impressive. In 2004, he sold a movie theater chain to Loews, and he was once the owner of 100 Starbucks locations, eventually selling them back to Starbucks in 2010.
Beyond ownership, Magic Johnson has positioned himself as a key player in the business advisory world, serving on the boards of Cameo and Fanatics. He has also ventured into the ever-evolving worlds of CBD and NFTs.
Johnson’s ascent to billionaire status is a testament to his remarkable business acumen and the savvy investments he has made throughout his post-NBA career. His journey from basketball icon to business magnate is both inspiring and impressive.
Magic Johnson’s transition from the basketball court to the world of business and entrepreneurship showcases the limitless potential that exists for athletes and public figures beyond their initial careers. His ability to build a diverse and successful business empire is a testament to his strategic vision and unwavering dedication. It’s an inspiring journey that demonstrates the transformative power of ambition, hard work, and seizing opportunities. As Johnson continues to make waves in various industries, his legacy extends far beyond his basketball prowess and into the realm of business innovation and achievement.
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