Earvin “Magic” Johnson Jr. (born August 14, 1959) is a former NBA player, often considered the greatest point guard ever. He played his entire career with the Los Angeles Lakers, leading them to five championships during the “Showtime” era. Johnson retired in 1991 after contracting HIV but briefly returned in 1992 and 1996.
Known for his exceptional passing and leadership, Johnson won three MVP awards, was a 12-time All-Star, and an Olympic gold medalist with the 1992 “Dream Team.” Post-retirement, he’s a successful businessman and advocate for HIV/AIDS prevention.
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Magic Johnson Net Worth
Magic Johnson, with a net worth of $800 million, famously turned down a stock offer from Nike founder Phil Knight in 1979, opting instead for a $100,000-a-year deal with Converse. Legend says the Nike offer included 100,000 shares, potentially worth $5.2 billion today.
Johnson has expressed regret, often saying he “could’ve been a trillionaire.” However, the story is likely untrue, as Magic had already signed with Converse by mid-1979, and Nike didn’t go public until late 1980. Additionally, Nike’s first athlete stock deal was with Michael Jordan.
Early Life
Earvin Johnson Jr. was born in Lansing, Michigan, to General Motors worker Earvin Sr. and school janitor Christine. Raised in a hardworking family, Johnson often helped his father on his garbage route, earning the nickname “Garbage Man” from neighborhood kids. He was introduced to basketball early, idolizing players like Bill Russell and Earl Monroe.
By eighth grade, Johnson dreamed of a basketball future and excelled at junior high. Despite facing racism and challenges after being bused to the predominantly white Everett High School, Johnson adapted, eventually viewing the experience as transformative.
Career
Magic Johnson, the first overall pick in the 1979 NBA Draft by the Los Angeles Lakers, won five NBA Championships with the team (1980, 1982, 1985, 1987, 1988) and was a three-time NBA Finals MVP. He also won three NBA MVP Awards and was a 12-time All-Star.
Johnson’s career was cut short in 1991 due to HIV, but he briefly returned as a player and coach. He retired for good after the 1995-96 season, ending with career averages of 19.5 points, 7.2 rebounds, and 11.2 assists per game, the highest assists per game average in NBA history.
Personal Life
Magic Johnson married Earlitha “Cookie” Kelly in 1991 in Lansing, Michigan. They have a son, Earvin III (E.J. Johnson), born in 1992, who starred in the reality TV show Rich Kids of Beverly Hills. In 1995, they adopted their daughter Elisa.
The family resides in Dana Point and Beverly Hills, California. Johnson also has a son, Andre Johnson, from a previous relationship with Melissa Mitchell in 1981. Andre was raised by his mother but spent summers with Magic and later worked as a marketing director at Magic Johnson Enterprises.
Did Magic get that offer from Nike?
Magic Johnson notably missed out on a lucrative deal with Nike during his rookie year. Despite being offered $1 for every pair of Nike shoes sold and a significant stock option, Johnson opted for other endorsements, later admitting this decision cost him an estimated $5 billion.
Conclusion
Magic Johnson’s journey from a basketball icon to a business mogul is a testament to his foresight, perseverance, and strategic mindset. His net worth is not just a reflection of his earnings but also his ability to diversify and make impactful investments.
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FAQs about Magic Johnson Net Worth:
- How much is Magic Johnson’s net worth in 2023?
- Approximately $620 million.
- How did Magic Johnson amass his wealth?
- Through his NBA career and strategic investments via Magic Johnson Enterprises.
- Did Magic Johnson miss out on a significant deal with Nike?
- Yes, he declined an offer that would have potentially earned him $5 billion.
- What are some of the businesses Magic Johnson owns?
- He has investments in the Los Angeles Lakers, movie theaters, and various restaurant chains in the US.
- Who is wealthier, Michael Jordan or Magic Johnson?
- Michael Jordan, with a net worth of $2.2 billion.
