Michael Jordan has made a name for himself again after exiting the Forbes Richest 1000 list, following the milestone of $3 billion sale of the Charlotte Hornets. This major departure follows his enormous financial successes, indicating a shift in his position among the world’s wealthiest.
Jordan’s incredible path, from his renowned basketball career to his business and ownership pursuits, has been a focal point for many. His recent exit from this elite list draws curiosity about the circumstances that drove this transition, as well as concerns regarding his ongoing investments and future endeavors.
Michael Jordan drops out of top 1000
Despite generating a fortune of $3 billion, former NBA star Michael Jordan has lately left the prestigious list of the world’s top 1,000 wealthiest people. This unexpected exit from the exclusive list occurred after Jordan sold his majority ownership in the Charlotte Hornets for a staggering $3 billion. Following the Hornets’ acquisition, Jordan temporarily held the distinction of wealthiest basketball personality in history.
Michael Jordan’s net worth is now an estimated $3 BILLION 💰https://t.co/UrZxNJkFgn pic.twitter.com/uxvC2fOlrv
— Front Office Sports (@FOS) October 2, 2023
However, he is currently ranked 1023 on Forbes’ Real-Time Billionaires list, a significant drop from his previous position of 982 on October 5, highlighting the inherent fluctuation in wealth rankings. Following his NBA career, Jordan pursued a variety of entrepreneurial endeavors, cementing his position as one of the world’s few Black millionaires.
A significant percentage of his fortune stems from his long-standing relationship with Nike, a collaboration that not only propelled him into the billionaire ranks but also solidified his legendary cultural status. Jordan’s revenue streams are diverse, including his past ownership of the Charlotte Hornets and a minority position in DraftKings.
Source of Jordan’s enormous fortune
Michael Jordan’s vast financial empire can be traced back to a succession of strategic decisions and ground-breaking efforts that cemented his position as the wealthiest athlete in history. His enormous wealth stems from the pioneering development of the Jordan Brand at the start of his NBA career.
Choosing Nike’s imaginative offer above competing shoe labels including as Adidas and Converse changed the landscape of athlete endorsements. Jordan Brand’s spectacular rise, which saw him collect $70 million in two months and nearly $100 million by year’s end in 1985, represented a watershed moment in his financial career.
In 1984, @Nike offered Michael Jordan a contract worth $500K a year for five years that included his own sneaker line.
— Sports Business Journal (@SBJ) September 9, 2022
On this day in 1997, Jordan introduced @Jumpman23.
Jordan Brand recently crossed $5B in annual revenue for the first time, per @JoePompliano 💰 pic.twitter.com/r3gLtdBFF6
Jordan ventured into varied investments, leveraging his brand’s prominence, to capitalise on the Jordan Brand’s phenomenal success. His diverse holdings include DraftKings, Cincoro tequila, the Michael Jordan’s Steak House business, and co-ownership of a NASCAR team.
However, his meteoric financial rise revolved around the strategic purchase and subsequent selling of the NBA’s Charlotte Hornets. Jordan purchased the Hornets for $275 million in 2010, and his selling of the team for an anticipated $3 billion in 2023 greatly increased his estimated net worth of $3 billion, according to Forbes.
