- Magic Johnson has a rich and successful business empire
- The Los Angeles Lakers legend spoke about the success mantra behind his business deals
- Johnson is estimated to be worth $620 million
Magic Johnson built a successful $620 million business empire after his decorated playing career for the Los Angeles Lakers, and the secret to his good run off the court with his deals is the one ‘cardinal rule’ he has followed.
ESPN’s Pablo Torre, in his column for the site, wrote about Johnson’s rule that made him a rich businessman.
“He underscored one of his cardinal rules: When players call Johnson for counsel, which happens all the time, he stops them cold if they mention any business plan—be it for a record label, a car wash, a production company— featuring a buddy or relative.”
He further added:
“That’s the killer,” said Johnson, who added that he became CEO of his eponymous billion-dollar conglomerate by rejecting friends and family in favor of the shiny suits who sat courtside at Lakers games. “They hire these people not because of expertise but because they’re friends. Well, they’ll fail.”
That explains the secret behind Johnson’s meteoric business rise, Although he still does regret not purchasing Nike’s stocks were now worth $5 billion, But then it is business at the end day you win some, and lose some.
What Is Magic Johnson’s Net Worth?
Magic Johnson’s success stretched beyond basketball, as his business ventures off the court left him with a handsome net worth. After his time with the Lakers, the icon ventured into business and entrepreneurship and was brilliant at it.
According to Celebrity Net Worth, the guard is valued at an estimated $620 million. The vast majority of his wealth comes from his investments in various industries.
Johnson was among the highest-profile investors in Howard Schultz’s Starbucks, before selling his stakes for $75 million.
In addition, Johnson also owns a series of movie theaters under his corporation’s name, Magic Johnson Enterprises,
He also has a sports franchise ownership: he and a group of partners bought the Los Angeles Dodgers for $2 billion in 2012. And as of 2023, the NBA Hall of Famer co-owns a pro football team, after the sale of the Washington Commanders. All that by following his famed ‘cardinal rule’
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