Magic Johnson Net Worth 2016

Magic Johnson Net Worth 2016

Magic Johnson is an american professional basketball player and entrepreneur.

His estimated net worth is around 500$ million which makes him one of the richest athletes in USA today.

Early life

Earvin Johnson Jr. was born on August 14, 1959 in Lansing, Michigan. Johnson has six siblings and his parents, Earvin Sr. and Christine, had to work overtime to provide for their family. Johnson helped his father who collected garbage to sell, and he was often teased by neighborhood children and called “Garbage Man”.

Earvin spent his childhood playing basketball and really enjoyed his time on the court. His father also played basketball during his high school years but never succeeded to make a name for himself. His mother played basketball as well, so his love for the game was in his blood.

During his junior high days Johnson was one of the top players in his team, and he started to imagine his career in basketball. He continued to play basketball in high school and his nickname “Magic” he got when he was 15 years old. During one of the matches, he scored a triple-double of 36 points and got that nickname that stick with him until today.

Johnson was also recruited by few top universities but he decided to play for Michigan State in East Lansing which was close to home. He studied communication studies and had a desire to become a television commentator.

Professional basketball career

Earvin joined L.A. Lakers in 1979 as a part of NBA Rookie Team. Magic Johnson came to public eye during one game against Philadelphia 76ers. Abdul-Jabbar hurt his ankle and the coach, Paul Westhead, decided to put Magic Johnson at the center. He excelled and became the first Rookie to win the NBA Finals MVP award.

Since then, Magic Johnson kept on excelling on the court and continued to impress his fans and colleague players. In 1991, Magic Johnson announced that he is HIV positive and that he will retire from professional basketball.

Business ventures

After retirement from professional basketball, Johnson continued growing his earnings through his business interests and his appearances as a speaker.

In 1998 he hosted a late night talk show on Fox network called The Magic Hour. After his show was cancelled, he started his record label called Magic 32 Records and changed its name into Magic Johnson Music. The label supported artists like Janet Jackson and Avant. Magic also worked as an NBA commentator for Turner Network Television and in 2008 he became a studio analyst for ESPN’s NBA Countdown.

Most of his earnings come from Magic Johnson Enterprises that has a 700$ million net worth. Magic Johnson also created the Magic Card which is a pre-paid MasterCard that targets lower income earners of the society. In 2006 he made a contract called Sodexo-Magic with Sodexo USA food service.

Magic Johnson also had a deal with Starbucks, since he presented his idea to the Starbucks CEO, Howard Schultz, about opening Starbucks coffee shops in urban areas. This cooperation turned out to be a success. He sold his interests in the stores back to Starbucks in 2010 and ended their profitable twelve year partnership.

Johnson became a minor owner of the Lakers in 1994 and had the title of vice president. He then sold his ownership in 2010 but continued his vice president role without salary.

In 2015, Magic Johnson finished his acquisition of interests in EquiTrust Life Insurance Company. He also has ownership of Team Liquid and invests in aXiomatic eSports.

HIV activism

Since his announcement in 1991, Johnson has been very involved in HIV fight. He joined National Commission on AIDS. Johnson worked as a main speaker of the UN World AIDS Day in 1999 and served as UN Messenger of peace.

It was rumored that Johnson is homosexual since heterosexual men rarely had HIV in that time. Johnson declined all of those allegations and he stated that he probably got his disease due to having several sexual partners during his playing years.

His condition hasn’t progressed to AIDS, and he takes daily medications to prevent this from happening. He also advertised drugs he uses and was a partner with Abbott Laboratories. Together they have publicized the fight against HIV and AIDS in African American communities.

Personal life

Johnson had his first child with Melissa Mitchell in 1981. His son was raised by his mother but was visited by Johnson regularly and since 2005 he works for Magic Johnson Enterprises as a marketing director.

Johnson married in 1991 with Earlitha “Cookie” Kelly and together with her he has one son, Earvin III. The couple later adopted a daughter Elisa.

Quick summary:

Full Name: Earvin Johnson Jr.

Date of Birth: August 14, 1959

Birth Place: Lansing, Michigan

Age: 57 years

Profession: professional basketball player, entrepreneur, sports commentator, motivational speaker

Height: 2.06 m

Weight: 100 kg

Net worth: 500$ million

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