Magic Johnson, the iconic basketball legend, was born on August 14, 1959, and went on to become a pivotal figure in the NBA. Renowned for his extraordinary skills on the court, he earned the nickname “Magic” for his mesmerizing style of play and unparalleled court vision.
Not only did he leave an indelible mark on the game of basketball, but he also ventured into various other domains. Such as entrepreneur, philanthropist, broadcaster, and motivational speaker. Thereby showcasing his versatility and business acumen.
With five NBA championships, an incredible list of accomplishments, and a net worth of $620 million, Magic has become an inspiration to aspiring athletes and entrepreneurs alike.
Magic Johnson’s first NBA contract
Back in 1979, the Los Angeles Lakers made a momentous decision by selecting Magic Johnson as the first overall pick in the NBA Draft. Little did they know that this move would mark the beginning of a remarkable career that would forever change the world of the NBA.
Magic quickly proved his worth as a talented point guard and made an immediate impact by winning the NBA Finals Most Valuable Player Award in his rookie season. From that point on, there was no looking back for the young basketball prodigy.
During his remarkable 13-season with the Lakers, Magic Johnson went on to win an astonishing five NBA championships, solidifying his position as one of the greatest players in the history of the sport.
His ability to deliver jaw-dropping assists and his natural ability for the game earned him the title of the most career assists per game. Interestingly, this record remains unbroken to this day. Magic’s presence on the court was truly impressive, inspiring awe and admiration from fans worldwide.
Part of Magic Johnson’s success came from his entrepreneurial spirit. While he dominated the basketball scene, he also made strategic moves off the court. He became a major investor in the MLB franchise Los Angeles Dodgers and the WNBA franchise Los Angeles Sparks.
Additionally, he got into ownership, holding a stake in the Lakers for several years before eventually selling his stocks. Magic’s net worth of $620 million showcases his wise business understanding.
The internet may not be ready for Commanders Magic Johnson pic.twitter.com/sg9WunvrPO
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Magic Johnson’s earnings from his NBA contracts were impressive, amounting to a total of $39.3 million. This includes executive as well as contract responsibilities. However, his fortune skyrocketed due to his investments and successful business ventures.
He once owned an impressive 105 Starbucks locations and held a 4.5% ownership position in the Los Angeles Lakers. However, he sold them for a staggering $100 million.
The former Lakers guard established a thriving business empire known as Magic Johnson Enterprises. Markedly it is valued at over $1 billion. This empire includes investments in various successful businesses, ranging from movie theaters to restaurants.
With an eye for opportunities and a keen understanding of the market, Magic’s wealth continued to grow exponentially. Beyond the basketball court and the world of business, Magic Johnson’s impact extends to philanthropy.
In 1991, he founded the Magic Johnson Foundation, a charitable organization. This addresses the educational, health, and social needs of diverse urban communities. Through this foundation, Magic has been at the forefront of HIV/AIDS awareness, treatment, and prevention. Evidently, making significant steps in improving public health.
In brief, known for his amazing skills and incredible court vision, he earned the nickname “Magic.” Beyond basketball, he excelled as an entrepreneur, philanthropist, broadcaster, and speaker. With five NBA championships and a net worth of $620 million, he inspires athletes as well as entrepreneurs.
Magic’s first NBA contract came in 1979 when the Lakers drafted him as the first overall pick. He won the NBA Finals MVP award in his rookie season, setting the stage for a 13-season career with the Lakers. Magic’s impact extended to business and philanthropy, leaving a lasting legacy in various fields.