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Michael Jordan’s Wealth Skyrockets to $3.2 Billion- Here are his Biggest Businesses

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Michael Jordan's Wealth Skyrockets to $3.2 Billion - Here are his Biggest Businesses

The recent surge in Michael Jordan’s wealth can be attributed to the reevaluation of his diverse portfolio of assets.

This includes a minority share in the Charlotte Hornets, ownership in the sports betting giant DraftKings, and a substantial interest in 23XI Racing, the NASCAR team he co-founded with Joe Gibbs and Denny Hamlin, which is valued at $150 million.

This recent surge has propelled Jordan to the 1,002nd spot on the Forbes billionaires list. With a fortune of $3.2 billion, he now firmly holds the position as the sixth-richest black individual globally, surpassing notable figures such as Oprah Winfrey ($2.8 billion), Jay-Z ($2.5 billion), and Patrice Motsepe ($2.5 billion). 

Just five Black billionaires globally outrank Michael Jordan

Currently, only five black billionaires worldwide have a higher net worth than Jordan. These include Africa’s wealthiest individual, Aliko Dangote ($13.5 billion), as well as U.S. billionaires Robert F. Smith and David Steward, along with Nigerian billionaires Abdul Samad Rabiu and Mike Adenuga.

Jordan’s historic inclusion on the 2023 Forbes 400 list marked a significant milestone as the first professional athlete to break into the ranks of America’s elite billionaires. His ongoing financial success further solidifies his legacy, not only as a basketball icon but also as a savvy businessman.

Here are Jordan’s Businesses that sparked His Wealth

It all began with Jordan Brand. When Michael Jordan was on the brink of entering the NBA, various shoe brands vied to secure him as their spokesperson. Adidas and Converse were leading the pack, but it was Nike that ultimately won him over.

How did they manage that? Nike offered him his shoe brand as a distinct division, complete with his logo—a move that catapulted him into cultural icon status. Today, Jordan Brand rakes in an estimated $6.6 billion in annual sales for Nike.

In 1985, this move was initially projected to generate just $3 million in merchandise sales. Yet, within two months, Jordan Brand had already surpassed $70 million in sales, reaching nearly $100 million by year-end. This decision stands as one of the most pivotal in Michael Jordan’s business career.

With the substantial income generated annually by Jordan Brand alone, Michael Jordan gained the financial flexibility to venture into various other businesses.

Consequently, he became a stakeholder in the sports betting company DraftKings, co-owner of the Cincoro tequila brand, proprietor of three locations of Michael Jordan’s Steak House, and a co-owner of his NASCAR team.

However, another significant investment was his acquisition and subsequent sale of the NBA’s Charlotte Hornets. In 2010, Jordan purchased the franchise for $275 million when they were known as the Charlotte Bobcats.

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