Basketball superstar Michael Jordan is now a billionaire. The former Chicago Bulls and Washington Wizards star recently increased his ownership stake in the Charlotte Hornets from 80 percent to 89.5 percent, boosting his net worth from $750 million to a cool $1 billion, according to Forbes.
Jordan became a part owner of the Charlotte Hornets back in 2006, when he bought out owner Bob Johnson for a minority stake worth $175 million. He became the team’s second-largest shareholder behind majority owner Robert L. Johnson. In 2010, Jordan gained majority ownership of the team. Today, the Hornets are worth between $600 million and $625 million, a figure that factors into Forbes’s calculations of Jordan’s net worth. However, the team is an estimated $135 million in debt. Therefore, only $416 million is applied to Jordan’s net worth.
Outside of the Hornets, it is estimated that Jordan is worth an estimated $600 million. Much of Jordan’s accrued net worth is thanks to lucrative endorsement deals. As one of the most marketed sports figures in history, Jordan has been a major spokesman for such brands as Nike, Coca-Cola, Chevrolet, Gatorade, McDonald’s, Ball Park Franks, Rayovac, Wheaties, Hanes, and MCI. Jordan also has a number of high-earning business ventures, including his one line of shoes, Air Jordan, and has also made several cameo appearances in films. Jordan is the first NBA player to reach billionaire status.