As one of the most talked-about figures, Magic Johnson has built a significant fortune. In this article, we dive deep into the assets and career highlights.
What is Magic Johnson's net worth, salary, and career earnings?
Magic Johnson's NBA career began when he was drafted as the first overall pick by the Los Angeles Lakers in the 1979 NBA Draft. Over his 13-year career with the Lakers, he played in 12 All-Star Games, won five NBA championships, and was awarded the NBA Most Valuable Player (MVP) title three times. Known for his incredible versatility, Johnson played all five positions during the NBA Finals and helped to redefine the point guard role with his unique blend of size and court vision. His on-court rivalry with Larry Bird is considered one of the greatest in basketball history, elevating the popularity of the sport during the 1980s.
Earvin "Magic" Johnson Jr. is a retired American basketball player and entrepreneur who has a net worth of $1.6 billion. After winning basketball championships in high school and college, he was selected as the first overall player in the 1979 NBA Draft by the Los Angeles Lakers. He played point guard for the Lakers for 13 seasons. He won the NBA Championship and the NBA Finals Most Valuable Player Award in his rookie season. Johnson is the former president of basketball operations for the Lakers.
There is a popular legend, which was repeated in a season 2 episode of the HBO series "Winning Time: The Rise of the Lakers Dynasty," that Magic Johnson turned down an offer from Nike in the late 1970s that would have made him a multi-billionaire.
According to the legend, in mid-1979, hot off winning the NCAA Final with Michigan State (he defeated Larry Bird and Indiana State), Magic was approached by all the big-name shoe companies with lucrative offers. The most obvious choice was Converse, which offered to pay Magic $100,000 per year. That's the same as around $420,000 today.
According to the latest version of the legend, the deal would ultimately award Magic 100,000 shares of Nike. And when this story was repeated in the episode of "Winning Time," it was stated that by 2023, those shares would have been worth$5.2 billion. The legend has positioned it as though Nike offered 100,000 shares to match Converse's $100,000 offer. Winning Time also claimed that Magic would have also earned $1 per shoe sold.
After retiring from basketball in 1991 due to his HIV diagnosis (though he did make a brief comeback in 1996), Johnson did not step away from the spotlight. Instead, he redirected his focus towards business and entrepreneurship. He founded Magic Johnson Enterprises, a conglomerate that invests in various industries such as entertainment, real estate, and healthcare.
"When I first came out of college, all the shoe companies came after me. There was this guy, Phil Knight, who just started Nike. So he said something about stocks. 'I'm gonna give you a lot of stocks.' I didn't know nothing about stocks."
One of Johnson's most significant entrepreneurial successes was his partnership with Starbucks CEOHoward Schultzto open Starbucks stores in underserved urban areas. This venture not only proved profitable but also provided jobs and increased investment in communities often overlooked by major corporations.
As Magic has reported in a number of interviews over the years, he claims Nike founderPhil Knightapproached him to wear the upstart company's sneakers in a deal that would not have included much cash (because Nike didn't have much cash back then).
Johnson's involvement in sports did not end with his playing career. He has been part of ownership groups for several sports franchises, including a significant stake in the Los Angeles Dodgers and the Los Angeles Sparks of the WNBA. His influence also extends to his work as an ambassador for HIV/AIDS awareness and prevention.
Did Magic Johnson Turn Down A $5 Billion Nike Deal?
Ultimately, Magic Johnson's financial journey is a testament to their success.
Disclaimer: All net worth figures are estimates based on public data.
