Many who had the privilege to watch Magic Johnson on the court during his career days consider themselves blessed. Magic Johnson, the legendary player for the LA Lakers, alongside Kareem Abdul-Jabbar and James Worthy, made the Lakers’ dynasty of the 1980s dominant in the league.
Magic’s five championships earned him the title of the greatest of all time (GOAT) by many in the NBA. Just as he achieved great exploits during his career, which spanned from 1979 to 2000, Magic seems to continue enjoying himself even after his basketball career. However, Magic recently shed light on how he and his friend handle bills, which fans and enthusiasts found hilarious.
Magic Johnson’s secret to making Michael Jordan pay revealed
Both Magic Johnson and Michael Jordan are among the wealthiest legends in the game. Two former All-Stars from the past have successfully grown their wealth through investments after retiring from the game. They even took a vacation together last summer, leading TV show host Jimmy Kimmel to ask Magic a unique question.
Kimmel inquired about the dinner bills when the NBA’s top 50 and 75 members dine together. It might be expected that they’d argue over who covers the tab. However, Magic humorously revealed the reality during his appearance on Jimmy Kimmel Live! He disclosed that they engage in an age-old tradition to determine who foots the bill. Johnson said, “We actually flip a coin,”. “It’s true?” Kimmel asked. “Yeah, now,” Johnson affirmed his statement.
Magic Johnson jokingly stated that the coin had Jordan’s face on both sides of it after Jimmy asked which coin they used. Magic Johnson and Michael Jordan reunited for Magic’s annual summer vacation, accompanied by Samuel L. Jackson and Judge Greg Mathis. This renowned “super yacht” getaway is a tradition for Johnson every summer.
Both Michael Jordan and Magic Johnson didn’t come from wealthy backgrounds in their early years. They worked their way up, initially as professional athletes and later as successful businessmen, to achieve their current status. Jordan and Johnson have each developed ten-figure business empires through their remarkable business skills, allowing them to lead luxurious lives, including yacht vacations and dinners with their spouses.
Johnson joined athlete billionaire club
According to a recent Forbes report by Matt Craig, Magic Johnson, an NBA Hall of Famer, has officially reached billionaire status to become just the fourth professional athlete to reach this height after Michael Jordan, Tiger Woods, and LeBron James, thanks to his investments in professional sports teams, movie theaters, Starbucks cafes, and a health insurance provider.
Johnson’s estimated net worth stands at $1.2 billion, as per the publication’s report. This wealth originates from Johnson’s partial ownership in the Washington Commanders, Los Angeles Sparks, Los Angeles Dodgers, and Los Angeles Football Club. Additionally, he holds a majority share in an Iowa-based life insurance firm.
Only a small portion of Magic Johnson’s fortune can be attributed to his NBA career. During his 13 seasons with the Los Angeles Lakers, he earned $40 million (equivalent to $110 million when adjusted for inflation), according to Forbes. The bulk of his net worth, comes from EquiTrust, a life insurance company that Johnson’s company acquired a majority stake in back in 2015. EquiTrust boasts approximately $26 billion in assets and generates an annual revenue exceeding $2.5 billion, according to Bushard.
Magic Johnson has also invested in cable networks, movie theaters, gyms, and Starbucks franchises. Woods and James are the only two athletes to achieve billionaire status while still active in their sports. Despite becoming a billionaire Johnson, Woods, and James still trail behind Jordan as the wealthiest athlete in history, with Jordan’s net worth estimated at $3 billion.
