Michael Jordan, the U.S. basketball icon and Black billionaire, has witnessed a substantial surge in his wealth over the course of this year, solidifying his status as one of the rare Black individuals to witness a notable upswing in their net worth.
The former NBA player, who achieved the distinction of being the first athlete to attain a billion-dollar fortune in June 2014, has experienced a staggering increase of $300 million in his net worth, soaring from $1.7 billion at the start of the year to $2 billion at the time of writing.
The $300-million surge in Jordan’s net worth, bolstering his position as one of the world’s Black billionaires, can be credited to the performance of his diversified investment portfolio.
Jordan’s holdings encompass a majority stake in the Charlotte Hornets, a professional basketball franchise situated in Charlotte, North Carolina, and a minority stake in DraftKings.
The surge follows reports indicating that Jordan has shown interest in divesting his controlling interest in the Charlotte Hornets to a consortium headed by Gabe Plotkin, a minority stakeholder in the team, and Rick Schnall, a minority stakeholder in the Atlanta Hawks.
Despite the recent upswing in his wealth, Michael Jordan’s current estimated net worth of $2 billion still lags behind his 2020 valuation of $2.1 billion, when his net worth rose by $300 million following the sale of a minority stake in the Charlotte Hornets to Gabe Plotkin and Daniel Sundheim, in a landmark transaction that valued the Hornets at a notable $1.5 billion.
In 2020, Jordan also made a strategic investment decision, obtaining an equity stake in DraftKings, a prominent U.S.-based daily fantasy sports contest and sports betting company.
As a result of his shrewd move, he was appointed as a special advisor to the DraftKing’s board of directors, a year after divesting the minority share in the Hornets.
Nevertheless, the recent $300-million increase in his net worth has returned him to the $2-billion threshold, cementing his status not only as one of the wealthiest African-American billionaires but also as one of the richest Black billionaires globally.
