To the surprise of no one, Michael Jordan is the newest American billionaire

Doing what billionaires do.

Doing what billionaires do.

 

Michael Jordan, best known for his world championship-level arrogance and generally just being the greatest single player ever to pick up a basketball, is now also the newest member of the billionaires’ club.

It’s no secret that MJ is fabulously wealthy, nor that he has been for some time. Last year, Forbes estimated his net worth at $750 million, and his annual income at around $90 million. Not exactly chump change.

Since, then, though, Jordan has increased his stake in the Charlotte Hornets (a franchise he became the controlling owner of in 2010) from 80% of the team to 89.5%. The team itself, not one of the NBA’s best, is worth around $600 million.

Here’s how Forbes breaks down the math:

The Hornets have $135 million of debt, which makes Jordan’s equity in the team worth $416 million. After subtracting all the cash Jordan has invested in the team, we estimate his net worth outside of the Hornets to be $600 million, giving him a net worth of a $1 billion.

 

Doing what millionaires do.

Doing what millionaires do.

 

So, we’ve got contradicting reports of Jordan’s initial net worth–one report says $600 million, another $750 million–but, really, who hasn’t been in that kind of a position before. We’ve all been Uncle Billy a time or two, misplacing $150 million dollars while at the bank to make a deposit. If you had a nickel for every time that’s happened, right, folks?

As we ponder that particular discrepancy, let’s also reflect on one or two of the things Mr. Jordan did to put himself in a position to become a billionaire at all:




website statistics