What is Magic Johnson up to in retirement? The billionaire NBA legend has invested in NFL and travels with celeb pals Michael Jordan and Samuel L. Jackson – but what did he say about Michael Jackson?
- Johnson is definitely enjoying retired life – from trips in Europe with celeb friends like Michael Jordan and Hollywood actor Samuel L. Jackson on his yacht, to investing in Washington Commanders
- The 64-year-old showed his love for Michael Jackson on The Jennifer Hudson Show and gives back to his community – most recently, he used his fame to bring awareness to RSV
When he announced that he was HIV positive and that he would be retiring from basketball at a press conference in 1991, NBA superstar Magic Johnson vowed to make the best of things.
In addition to being inducted into the Naismith Memorial Basketball Hall of Fame twice – in 2002 for his individual career and again in 2010 as a member of the “Dream Team” – Johnson was recognised as one of the 50 Greatest Players in NBA History in 1996 and chosen for the NBA 75th Anniversary Team in 2021, per Sports Illustrated.
Since retiring from basketball, Johnson has made impressive strategic moves, using his influence to grow his wealth and social capital. Here is what you need to know ...
What businesses has Magic Johnson invested in?
Loved for his charismatic nature and outgoing personality, Johnson kept investing in sports and continued to represent Black excellence in the space. He and his fellow billionaire business partner Mitch Rales became part of the new ownership group for the Washington Commanders in July 2023, per NBC News.
But this wasn’t the first rodeo for the businessman who, per Front Office Sport, already owns stakes in the NFL’s Commanders, MLS’ LAFC, WNBA’s Sparks, MLB’s Dodgers and Team Liquid esports.
With an estimated net worth of US$1.2 billion, per Forbes, his wealth grew post retirement after he invested in multiple business ventures including cinemas, Starbucks franchises and property. Most of his fortune comes from a 60 per cent stake in Equitrust, a life insurance company, per the same source, which grew from US$16 billion in assets under management to US$26 billion since the former athlete took over back in 2015.