Speaking of one percenters, there’s news out that Magic Johnson is now a billionaire. From playing basketball you might be wondering. No silly, it’s next to impossible in this day and age to make that much in any sport (other than Soccer if Saudi Arabia can convince you to come play for them like the offer they make Lionel Messi who then rejected them).
It turns out Magic made his fortune from his majority ownership stake in the EquiTrust insurance company. He also owns equity in a number of sports teams “including the NFL team Washington Commanders, WNBA team Los Angeles Sparks and MLB team Los Angeles Dodgers. Johnson had owned a stake in his former team, the Los Angeles Lakers, from 1994 to 2010.”
I guess someone has the “Magic” touch when it comes to investing (come on, it was right there for the taking!).