Michael Jordan Now A Billionaire
Michael Jordan has been making money and selling sneakers for a long time, so his net worth and total value is probably a shock to some. Forbes is reporting that Jordan has now joined infamous billionaire net worth club after increasing his ownership stake in the Hornets.
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. The Bobcats are presently worth between $600 million and $625 million.
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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.
Welcome to the billionaires club, Mr. Jordan.