Magic Johnson officially a billionaire, Forbes announces

Oct. 30 (UPI) -- Magic Johnson is officially a billionaire, according to Forbes, making him the fourth athlete to attain the prestigious level of wealth.

Earvin Johnson, 64, renowned worldwide by his iconic nickname "Magic," now stands alongside illustrious sports legends Michael Jordan, LeBron James and Tiger Woods on Forbes' esteemed list.

The outlet reported Johnson's estimated net worth stands at $1.2 billion

At 64, Johnson's journey began on the basketball court, where he left his mark as an NBA star with the Los Angeles Lakers. He has since transitioned into the spheres of both sports and business, where his influence continues to grow and make significant impact.

The majority of his substantial fortune can be attributed to his controlling ownership of the EquiTrust insurance company, where, under his guidance for the past decade, the company's assets have surged from $16 billion to $26 billion.

Adding to his newfound wealth, Johnson has further solidified his financial standing through investments in a range of sports franchises. The investments comprise ownership interests in the NFL's Washington Commanders, the WNBA's Los Angeles Sparks and MLB's Los Angeles Dodgers.

Johnson's diverse investment portfolio also extends to include well-known brands like Starbucks, Burger King, and 24-Hour Fitness. He also delved into the NFT market, and Forbes has recognized his active participation on the boards of both Fanatics and Cameo.

Even with his recent entry into the billionaire club, Johnson remains highly known for his unwavering commitment to HIV/AIDS activism, a cause he embraced after being diagnosed with HIV in 1991.

Leveraging the resources of the Magic Johnson Foundation, he has made substantial contributions to numerous organizations and initiatives dedicated to fighting the disease.