U.S. basketball legend Michael Jordan has achieved a remarkable milestone as his net worth hits the $3.5-billion mark, firmly establishing him as not only the wealthiest basketball player in history but also reinforcing his status as one of the world’s richest Black billionaires.
The 60-year-old NBA legend, who broke ground by becoming the first athlete to amass a billion-dollar fortune in June 2014, has now surpassed entertainment moguls Shawn “Jay-Z” Carter and Oprah Winfrey, both of whom are worth $2.5 billion.
With this achievement, Jordan ascends to the position of the third-richest Black billionaire in the United States. This latest feat underscores his enduring influence on and off the court.
As detailed in the Bloomberg Billionaires Index, Jordan’s net worth has reached the remarkable figure of $3.5 billion. In this impressive valuation, only two individuals outshine him: David Steward, the chairman of World Wide Technology, and Robert F. Smith, the founder of Vista Equity Partners.
The recent surge in Jordan’s net worth can be attributed to the sale of his controlling stake in the Charlotte Hornets, a professional basketball team, to U.S. businessmen Gabe Plotkin and Rick Schnall.
The transaction, valued at a remarkable $3 billion, marks the end of Jordan’s decade-long tenure as the primary decision-maker for the franchise.
Over the years, Jordan led the team through numerous milestones, including the team’s rebranding to the Hornets, hosting the 2019 NBA All-Star Game, and establishing Hornets Sports and Entertainment as a vital part of the community.
With the recent sale, Jordan steps down from his role as the primary decision-maker, passing the baton to Plotkin and Schnall. However, the NBA Hall of Famer will retain a minority stake in the team and assume the role of alternate governor.
While the recent surge in his net worth is undeniably tied to the sale of his majority stake in the Charlotte Hornets, his groundbreaking deal with sportswear giant Nike remains the cornerstone of his wealth.
Although his career earnings from basketball salary amount to $90 million, Jordan’s financial journey has been significantly shaped by his partnerships with corporate giants such as Nike, Hanes, and Gatorade.