Michael Jordan has reached the billionaire threshold after increasing his stake in the Charlotte Hornets from 80 percent to 89.5 percent according to a Forbes report.
Jordan became the majority owner of the North Carolina franchise in 2010 after buying out Robert Johnson for $175 million. The Hornets are presently worth between $600 million and $625 million, so much of Jordan’s net worth comes from owning a vast majority of the franchise.
Outside of the Hornets, however, Jordan has made much of his fortune from his deal with Nike, which brought in $2.25 billion just last year.
Michael has definitely got so much to celebrate. Welcome to the billionaires club, Mr. Jordan.