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Michael Jordan soars to new heights: Joins Forbes' list of top 400 wealthiest Americans

Posted : 10 October 2023
Michael Jordan, the iconic basketball legend, has not only left an indelible mark on the basketball court but has also proven his prowess in the business world. In a remarkable turn of events, Jordan recently secured a coveted spot among the 400 wealthiest individuals in the United States, as per Forbes' prestigious list. This significant achievement underscores his remarkable transition from the basketball arena to the world of entrepreneurship.
 
The catalyst behind Jordan's meteoric rise in wealth was a colossal deal he sealed just four months ago. In a monumental transaction, he divested a substantial portion of his ownership in the NBA franchise, the Charlotte Hornets, for a staggering sum of approximately 3 billion dollars. This astounding figure stands as a testament to the remarkable 17-fold increase in the franchise's value since Jordan assumed its principal ownership in 2010.
 
While Jordan earned a substantial salary during his illustrious basketball career, his fortune primarily burgeoned through lucrative endorsements and royalties. His enduring partnership with corporate giants like McDonald's and his ongoing association with Nike, where he continues to receive royalties for every Jordan-brand product sold, contributed significantly to his wealth. In the previous year alone, these revenue streams amassed an estimated 260 million dollars, nearly tripling his earnings during his 16-year tenure as a player.
 
It is worth noting that even before joining the ranks of the richest individuals, Jordan had already achieved a historic milestone by becoming the first billionaire athlete. His acquisition of approximately 97 percent ownership of the Charlotte Hornets for 175 million dollars in 2010 laid the foundation for his burgeoning business empire.
 
Despite his undeniable success in the business arena, Jordan's stewardship of the Hornets' basketball team has seen them reach the playoffs only on three occasions. Nevertheless, his legacy as a player, marked by six NBA championships, numerous MVP awards, and countless accolades, continues to shine brightly in the annals of sports history.

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