Money

Michael Jordan becomes richest basketball player in history, worth $3.5bn

Published

2 years ago

August 25, 2023

Michael Jordan, widely regarded as the greatest basketball player of all time, has officially become the wealthiest NBA star in history.

The Chicago Bulls legend, who secured six NBA championships during his illustrious 15-year career and later acquired the Charlotte franchise upon his retirement, boasts an astonishing net worth of $3.5 billion, according to a recent assessment by Bloomberg.

Jordan’s financial empire received a significant boost this month when he sold the majority stake in the Charlotte Hornets for a staggering $3 billion. The buyers were none other than hedge fund tycoon Gabriel Plotkin and private equity mogul Rick Schnall, as reported by ESPN.

First black owner

In 2010, Jordan made history by becoming the NBA’s first black owner when he purchased the Charlotte franchise for $275 million, known then as the Bobcats. Bloomberg estimates that, with the recent sale, the 60-year-old basketball icon-turned-businessman retained less than a 5% interest in the team, ceding a 65% stake.

Apart from the Hornets sale, Jordan’s fortune is substantially bolstered by his long-standing partnership with Nike through the iconic Jordan Brand. This partnership, which originated in his rookie year in 1984, generated a remarkable $5.1 billion in revenue for Nike last year, constituting a remarkable 11% of the company’s total sales. Under the Jordan Brand deal, Jordan earns an annual income of $500,000 in addition to a 5% royalty on the brand’s earnings.

Nike contract

The intricacies of Jordan’s contract with Nike have remained confidential since its inception nearly four decades ago. However, public information indicates that Jordan received a staggering $255.5 million from Nike in 2022 alone.

In addition to Nike, Jordan has enjoyed endorsement deals with several other major brands, including Hanes, Gatorade, Chevrolet, McDonald’s, Ball Park Franks, Wheaties, Rayovac, and Upper Deck. His endorsement deal with Gatorade in 1991, in particular, resulted in the memorable “Be Like Mike” TV commercial and an estimated annual income of $1.4 million.

Notably, Jordan graced the cover of Wheaties a record-breaking 19 times, a feat unsurpassed by any other athlete. Some of these endorsement deals have spanned over three decades, constituting some of the longest-running brand-athlete partnerships in history.

Collectively, these deals propelled Jordan into the billionaire club in 2014 when he was 51 years old, marking a historic moment as the first NBA player to reach this financial milestone.

Lavish lifestyle

Outside of his business ventures, Jordan maintains a lavish lifestyle, residing in a sprawling multimillion-dollar mansion in Jupiter, Florida. The property features his iconic No. 23 on the front gate and boasts a regulation-size basketball court emblazoned with his “Jumpman” Nike logo.

Jordan’s influence extends to the world of motorsports, as he owns and operates Nascar’s 23XI Racing, established in 2020 and featuring star driver Bubba Wallace, the sport’s sole black driver. Additionally, he holds an undisclosed equity stake in DraftKings, exchanged for providing strategic guidance, as announced by the sports betting company in September of the same year.

During his illustrious 15-season NBA career, Jordan secured six NBA championships, five MVP awards, and an impressive ten NBA scoring titles, largely with the Chicago Bulls.

Money

How to position investments for 2026: Expert advice on market cycles

As 2026 begins, strategic investment positioning and understanding market cycles are crucial for navigating today’s evolving financial landscape.

Published

15 hours ago

January 14, 2026

Harvey Vargas

As 2026 begins, strategic investment positioning and understanding market cycles are crucial for navigating today’s evolving financial landscape.

As 2026 begins, investors are navigating an evolving market landscape. Experts stress that positioning your investments strategically is far more important than trying to predict market movements.

Key factors include focusing on quality companies, maintaining strong cash flow, and diversifying intelligently.

Dale Gillham from Wealth Within Group joins us to break down what defines a major market cycle and why understanding it can shape your investment approach. From identifying inflation-resilient businesses to selectively tapping into growth themes like AI, this discussion covers essential strategies for the year ahead.

We also explore the role of risk management, the importance of an exit strategy, and how emotional decision-making can impact your portfolio. For anyone looking to strengthen their investing education and skills, this episode offers actionable insights to gain an edge in 2026.

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#Investing2026 #MarketCycles #WealthManagement #AIInvesting #FinancialStrategy #RiskManagement #InvestmentTips #TickerNews

Money

Markets in 2026: Fed rates, gold surge, oil tensions & AUD strength

As 2026 begins, markets face economic shifts; gold and silver soar, while energy and currencies impact global investors.

Published

2 days ago

January 13, 2026

Harvey Vargas

As 2026 begins, markets face economic shifts; gold and silver soar, while energy and currencies impact global investors.

As 2026 begins, global markets face a mix of economic shifts and geopolitical tensions shaping currencies, commodities, and interest rates. The Federal Reserve’s next moves are under the microscope, and Zoran Kresovic from Blueberry Markets says understanding these changes is key for investors navigating the year ahead.

Gold and silver are hitting all-time highs, driven by market volatility and economic uncertainty. Kresovic notes that both metals are likely to continue climbing, remaining essential safe-haven assets amid inflation concerns.

Energy markets are also volatile, with crude oil prices rising amid geopolitical tensions. Meanwhile, the Australian dollar is showing strength against the U.S. dollar. Kresovic highlights that these trends in energy and currency markets can ripple across the global economy, making them critical for investors to watch.

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#MarketUpdate #FedRates2026 #GoldPrices #SilverSurge #CrudeOil #AUDUSD #InvestingInsights #TickerNews

Money

Stocks hit record high as Powell faces investigation and Trump proposes credit cap

S&P 500 hits all-time high amid Fed scrutiny; Trump’s credit card cap proposal raises investor concerns over bank profits.

Published

2 days ago

January 13, 2026

Harvey Vargas

S&P 500 hits all-time high amid Fed scrutiny; Trump’s credit card cap proposal raises investor concerns over bank profits.

The S&P 500 reached a new all-time high, with the Nasdaq climbing 0.5% while the Dow Jones held steady. This comes amid news of a criminal investigation into Federal Reserve Chair Jerome Powell. Despite the scrutiny, analysts believe short-term interest rates and inflation are unlikely to be impacted.

Meanwhile, Trump’s proposal to cap credit card rates at 10% for a year sparked concern among investors about potential effects on lending and bank profitability. Major bank stocks reacted sharply, with Citigroup down 3% and Capital One falling 6%.

In commodities, gold futures rose 2%, reflecting fears that political pressure on the Fed could challenge its ability to manage inflation effectively.

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#StockMarket #SP500 #Nasdaq #FederalReserve #JeromePowell #TrumpNews #BankStocks #GoldFutures