Magic Johnson has surpassed the previous wealth threshold of $1 million to become a billionaire.

According to Forbes, the key source of the 64-year-old’s fortune is his ownership interest in the insurance company EquiTrust.

According to the publication, Johnson oversaw a doubling of the company’s assets. Their valuation a decade ago was $16 billion.

CNN reports that his investments in professional sports teams, including the Los Angeles Sparks of the WNBA and the Los Angeles Dodgers of Major League Baseball, contributed to his billionaire status. The media reported that he owned a financial interest in his former NBA team, the Los Angeles Lakers, between 1994 and 2010.

Following thirteen years of service with the Los Angeles Lakers, the player was unexpectedly dismissed in 1991, leaving behind an earnings of $40 million (approximately $110 million when accounting for inflation).

Johnson expressed remorse in a previous episode of All The Smoke regarding his 1979 rejection of Nike’s offer of payment in shares.

A challenge that our family has encountered is the fact that I am from a low-income background. Knowing is impossible without originating from money. “I had no concept of stocks at the time,” Johnson acknowledged on the program.

Conversely, Johnson revealed on the program that he had chosen to negotiate a contract in which he would receive $100,000 annually in advance.

As reported by Business Insider, Johnson would have been entitled to receive 100,000 Nike shares and earned $1 for each pair of trainers sold in accordance with the provisions of the agreement.

Consequently, I refrained from investing in the stocks. It is imaginable, no? Johnson stated on the program that $5 billion in stock would have doubled in value in forty-five years.

Johnson joins Tiger Woods, Michael Jordan, LeBron James, and Tiger Woods as the fourth athlete to amass $1 billion in earnings, according to Forbes.