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

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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.

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Trump’s tariffs disrupt Australia’s trade, impacting economy

Donald Trump’s trade tariffs could negatively disrupt Australia’s economy, impacting exports like beef and canola oil amid global trade tensions.

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Donald Trump’s trade tariffs could negatively disrupt Australia’s economy, impacting exports like beef and canola oil amid global trade tensions.

In Short

Trump’s trade tariffs threaten Australian exports, notably canola oil and beef, with China’s retaliatory export curbs exacerbating the situation.

A full trade war could drastically impact Australia’s iron ore industry and currency stability, complicating its trade relations amidst rising global competition.

Donald Trump’s new trade tariffs could have adverse effects on Australian exports, including canola oil, beef, and critical minerals.

China has implemented retaliatory export curbs on metals essential for technology, raising concerns as China controls much of the global supply. While the US may seek alternatives in countries like Australia for strategic minerals, tensions with Canada complicate this shift.

However, a full-scale trade war would negatively impact Australia’s largest commodity export, iron ore. A weakening Chinese economy could reduce demand for steel-making materials, harming Australia’s trade interests. Trump’s potential expansion of tariffs on aluminium and steel poses additional risks to local manufacturers amid fears of cheap imports undermining the market.

The beef industry could also face disruption. As the US cattle herd declines, tariffs might disrupt Australian beef exports, leading to price hikes. Conversely, Canada could increase canola exports to non-US markets, intensifying competition for Australian oilseed farmers.

Furthermore, the recent tariff announcements have caused fluctuations in the Australian dollar, which hit low levels against the US dollar initially. Subsequent relief for Canada and Mexico caused a brief recovery, yet ongoing tariff disputes could negatively impact the currency’s stability.

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Trump’s tariffs raise prices on Chinese imports

Trump’s new 10% tariff on Chinese imports could raise prices for electronics, clothing, cars, and home appliances in the US.

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Trump’s new 10% tariff on Chinese imports could raise prices for electronics, clothing, cars, and home appliances in the US.

In Short

President Trump has imposed a 10% tariff on imports from China, potentially increasing costs for US consumers on electronics, clothing, cars, and appliances. The National Retail Federation urges negotiations to mitigate price hikes while analysts predict significant increases in product prices.

President Donald Trump has implemented an additional 10% tariff on imports from China, which could potentially rise further.

This move is likely to result in higher prices for various goods in the US, particularly consumer electronics, clothing and textiles, cars, and home appliances.

In 2023, the US imported $427 billion worth of goods from China. Notably, consumer electronics sales included substantial imports of cellphones and laptops. The Consumer Technology Association estimates that tariffs could raise laptop prices by up to 68%, video game consoles by 58%, and smartphones by 37%.

In clothing and textiles, imports amounted to $19.6 billion in 2023. Retailers may increase prices of apparel and accessories due to these tariffs.

Cars are affected as well, with US imports of car parts valued at $14.6 billion. Analysts suggest that domestic automakers sourcing parts from China may be compelled to raise prices.

Home appliances also face price increases. The National Retail Federation projected that the average price of a basic fridge could rise from $650 to $776.

The NRF has urged all parties to negotiate solutions to strengthen trade relations and avoid passing costs on to American consumers.

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Cryptocurrency drops amid Trump’s trade war concerns

“Cryptocurrency Prices Plunge Amid Market Uncertainty from Trump’s Trade War Impact”

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“Cryptocurrency Prices Plunge Amid Market Uncertainty from Trump’s Trade War Impact”

Cryptocurrency markets have experienced a significant downturn amid concerns over ongoing trade tensions.

The fluctuations in value seem closely tied to Donald Trump’s trade policies.

Investors are reacting to uncertainty surrounding international trade agreements.

Bitcoin and other cryptocurrencies have seen sharp declines in recent days.

Analysts suggest that the instability in traditional markets is influencing investor sentiment in cryptocurrencies.

This latest slide raises questions about the resilience of digital currencies in volatile economic environments.

Market observers are monitoring the situation closely for further developments.

Traders are advised to exercise caution given the risk associated with current market conditions.

Potential impacts on the broader economy could also influence the cryptocurrency landscape.

Overall, the situation reflects growing anxiety among investors regarding future market stability.

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