By virtue of increasing his stake in the NBA’s Charlotte Hornets, former NBA superstar Michael Jordan is now a billionaire, according to Forbes.
Jordan first invested in the Hornets (at that time the Charlotte Bobcats) in 2006. He became the team’s majority owner in 2010, buying out Robert Johnson. Jordan recently increased his stake in the Hornets from 80 percent to 89.5 percent. The team is now valued between $600 million and $625 million, though the recent sales of the Milwaukee Bucks and Los Angeles Clippers could push that value of that franchise and others even higher.
Jordan made much of his money from a deal with Nike. His Jordan brand line of shoes brought in $2.25 billion in the U.S. last year. Forbes estimates Jordan’s annual income to be around $90 million.