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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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Tesla shareholders approve historic $56B Elon Musk pay package

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Tesla shareholders have voted to approve Elon Musk’s unprecedented $56 billion compensation package, underscoring their confidence in his leadership and vision for the electric car company.

The package, which is tied to ambitious performance targets, includes a mix of stock options and bonuses contingent upon Tesla’s financial and operational milestones over the next decade.

As reported by Reuters, the approval underscores the support that Musk enjoys from Tesla’s retail investor base, many of whom are vocal fans of the mercurial billionaire.

The proposal passed despite opposition from some large institutional investors and proxy firms.

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Rich listers secret’s: how billionaires build their wealth

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Australian billionaires, including Gina Rinehart, have built their wealth by investing in valuable, income-generating assets.

For the average person looking to build their wealth, one possible option could be to buy quality assets like stocks when the market dips.

Mark Wyld from MW Wealth joins to discuss. #featured #trending #wyld money

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Buyer’s agent unveils key to building wealth through property

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Unveiling the strategies for game-changing wealth building through property.

Wyld Money dives into the world of financial freedom. Whether you’re a seasoned investor or just getting started, join us for actionable tips and tricks to unlock your earning potential, and retire on your own terms.

In this episode, Mark is joined by Buyers Agent, Jack Henderson from Henderson Advocates. #trending #wyld money

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