How Magic Johnson Changed Basketball On and Off the Court

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(L to R) Stan Kasten, Mark Walter, Magic Johnson, Peter Guber and Todd Boehly at a press conference introducing them as the new owners of the Los Angeles Dodgers on May 2, 2012 at Dodger Stadium in Los Angeles.

6. He later became one of America’s most influential black business leaders

On the 2013 special Advancing the Dream: Live from the ApolloJohnson told a story about cleaning offices as a teenager: “I was going to clean the first six floors, but on the seventh floor, that’s where the CEO’s office was, so I’d come in and do pretending to be the CEO, and putting my feet up on the desk. I grew up poor, but I didn’t have bad dreams. Rather than blowing up his fortune on frivolous purchases, Johnson has a reputation as a ‘to be one of the most business-savvy former athletes, with a current net worth estimated at $600 million. As part of a group of investors, he bought the Los Angeles Dodgers and the WNBA team , the LA Sparks, but he’s not just interested in big buys: According to FranchiseWire, Johnson also owns Burger Kings, TGI Fridays, 24-Hour Fitnesses and a slew of Starbucks. never really understood generational wealth and the transmission of this wealth”, he said in a Guardian interview last year. “We are finally starting to understand this. It strengthens our community… Now these children dream of becoming not only a basketball player or a football player, but they can become a businessman. So that’s what’s important, that we have the power and that we have a place at the table. In 2020, he put his money where it belongs, when his EquiTrust Life Insurance Co. donated $100 million in capital to fund federal loans to minority and women-owned businesses during the pandemic.

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