Magic Johnson honored with Inspiration Award in Congresswoman Maxine Waters' attendance: "So grateful"
NBA legend Magic Johnson has been a beacon of hope and inspiration for many, both on and off the court. His philanthropic endeavors have made a significant impact, particularly in the fight against HIV/AIDS. Johnson, along with his wife Cookie, was honored with the Elizabeth Taylor Commitment to End AIDS Award at the fourth annual Elizabeth Taylor Ball to End AIDS.
Johnson's charity work extends beyond health advocacy. The Magic Johnson Foundation has been instrumental in supporting underserved communities, with initiatives such as the 'Holiday Hope' event. This decade-old tradition involves blessing families in need with boxes full of essentials. In 2023, the foundation helped 800 families during the Thanksgiving season.
Recently, Johnson took to his X/Twitter account to share his gratefulness for being recognized for his charitable work. After receiving the Inspiration Award for his relentless work for the community and around, he was awarded in the presence of Congresswoman Maxine Waters along with Carson Mayor Lula Davis-Holmes:
"I’m so grateful to have spent the morning at the 10th Annual Women in Entertainment Luncheon with so many powerful, smart, and brilliant women making a difference in the world! Thank you to Tamala Lewis for hosting an incredible event and honoring me with the 2023 Inspiration Award."
Magic Johnson declared a billionaire by Forbes
During the peak years of the Showtime-era Lakers in the 1980s, Magic Johnson expressed his desire to be in the $100-$200 million range someday and to do big business. Fast forward to today, Johnson owns small stakes in several professional sports teams. He owns a part of teams such as the NFL's Washington Commanders, MLB's Los Angeles Dodgers, the WNBA's Los Angeles Sparks and MLS's LAFC.
Presently, Johnson is the fourth athlete to become a billionaire, joining the ranks of Michael Jordan, LeBron James and Tiger Woods. According to Forbes, despite not having massive earnings from his playing days, his investments have contributed to a net worth estimated at $1.2 billion.
However fruitful these investments might seem, he has also missed opportunities in endorsement deals in the past. After turning down an endorsement deal with Nike that included royalties on shoe sales and company stock, Johnson missed out on a substantial financial windfall. He also missed the chance to purchase a 4.5% stake in the Lakers for $10 million, which would have been worth over $265 million today.
Not only that, Magic Johnson declined the opportunity to invest in the Golden State Warriors, which are now valued at $7.7 billion, more than 17 times their purchase price in 2010. Despite these missed opportunities, Johnson has been successful in entering, exiting, and scaling up his investments for over 30 years.
However, he has a successful investment portfolio and has seen substantial business growth. The money earned from sales of Lakers and Starbucks shares gave Johnson the ability to join the LA Dodgers ownership group, which has since more than doubled in value. He also made successful investments in Simply Healthcare and EquiTrust Life Insurance, growing the latter’s total assets from $16 billion to $26 billion.