Former NBA legend Magic Johnson has achieved the remarkable feat of becoming a billionaire, surpassing the $1 million wealth threshold, according to Forbes. The primary source of the 64-year-old’s newfound fortune is identified as his ownership stake in the insurance company EquiTrust.

Forbes reports that Johnson played a pivotal role in doubling EquiTrust’s assets, which were valued at $16 billion a decade ago. In addition to his success in the insurance industry, Johnson’s investments in various professional sports teams have significantly contributed to his billionaire status.

Notable among these ventures are the Los Angeles Sparks in the WNBA and the Los Angeles Dodgers in Major League Baseball. Reports also indicate that he held a financial interest in the Los Angeles Lakers, his former NBA team, from 1994 to 2010.

Magic Johnson, known for his illustrious thirteen-year career with the Los Angeles Lakers, faced an unexpected departure in 1991. Despite leaving behind substantial earnings of $40 million (equivalent to approximately $110 million when adjusted for inflation), Johnson has since diversified his financial portfolio and achieved extraordinary success.

In a reflective moment on the podcast All The Smoke, Johnson expressed regret over declining Nike’s offer of payment in shares back in 1979. His journey from NBA stardom to billionaire entrepreneur stands as a testament to his business acumen and strategic investments.