Magic Johnson’s Magical Touch in Investments Made Him $500 Million Richer
Earvin “Magic” Johnson has those magical fingers that produce money whenever they touch an investment. Since the basketball player retired, he has started Magic Johnson Enterprises, an investment company. The company has stakes in many companies, however he makes use of it to partner with franchises. Magic Johnson Enterprises has partnered with gyms, movie theaters and several T.G.I. Friday, Burger King, and Starbucks locations.
Johnson paid $5 million to become a co-owner of the LA Dodgers. While he loves the game of basketball, his second love is entrepreneurship. When he discovered gaps in boarded up investments and retail outlets, he decided to step in and invest.
Magic Johnson Enterprises has a private investment arm, that is funded with $1 billion in cash. It is difficult to summarize the number of businesses that Johnson has invested in because they range from coffee to job placement and food service.
Also, there is the Magic Johnson Foundation, which is Johnson’s philanthropic arm that seriously invests by building computer centers and other social services for communities. While he makes more money for himself, he is also putting smiles on the faces of people.
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