Former NBA star Magic Johnson is officially a billionaire.
Johnson, the first overall pick in the 1979 NBA Draft, earned $40 million throughout his iconic NBA career. However, the star athlete made most of his riches from savvy business decisions following his career, Forbes reports.
Johnson holds ownership stakes in the Los Angeles Sparks, Los Angeles Dodgers, and the LAFC. He also invested in the Washington Commanders earlier this year.
The Lakers icon also has investments in Starbucks, Burger King, 24 Hour Fitness, and the life insurance company EquiTrust.
Johnson could've become a billionaire sooner, according to reports. He opened up earlier this year about passing up a deal from Nike when he was entering the NBA, which included 100,000 shares in stocks at $0.18 per share.
"My family didn't come from money, that's one thing that hurt us [sometimes]. When you don't come from money, you don't know. I didn't even know what stocks [were] at that time," Johnson said on the "All The Smoke" podcast. "So I passed on the stocks. Can you imagine? 45 years, $5 billion that stock would have been worth today."