Michael Jordan Reaches Billionaire Status
Ever wonder where all your money goes? It's probably in Michael Jordan's super sized bank account. The basketball legend and business mogul has just met the billionaire mark. Forbes magazine stated that Jordan's net worth was $750 million, with an annual income of $90 million, but that was back in February. Sources are now saying that Jordan increased his stake in the Charlotte Hornets from 80% to 89.5% in the past few months.
According to Forbes: “Jordan first became an investor in the Hornets (then the Bobcats) in 2006 and became the controlling owner in 2010 when he bought out Robert Johnson for $175 million. In January we valued the Hornets at $410 million. But the Milwaukee Bucks sold for $550 million in May, and they are considered the least valuable team in the league because of their market and arena. Sports bankers say the Hornets care presently worth between $600 million and $625 million.
Our net worth figure for Jordan uses the $600 million figure. 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.”