Michael Jordan Makes the Elite Billionaire Club
Michael Jordan and Dr. Dre, by becoming the first billionaires in either sports or hip-hop, have reset the paradigm for wealth in the black community with their successes. The upside is that the magnitude of wealth for both of these men is impressive and unprecedented. The downside is that neither of these men are known for possessing very much social responsibility, particularly as it pertains to the black community. Additionally, the exaggerated media coverage of their achievements can distort the tall odds they faced when achieving their goal, leading millions of black boys down the path to “economic nowhere,” trying to follow in their footsteps.
The easiest way for young black men to become millionaires or billionaires are not through the lotteries of sports and hip-hop. It is through education and entrepreneurship, which should be continuously emphasized in the black community.
Jeff Lightsy at BOSS Sports gives the details of Jordan’s latest feat:
Just when you thought the life of Michael Jordan couldn’t get any better, it does. Not only is “His Airness” widely considered the greatest basketball player ever in the history of the NBA, but now he is a Billionaire.
According to Mike Ozanian of Forbes, because of Jordan’s recent increase of his ownership of the Charlotte Hornets from 80 percent to 89.5 percent, this puts MJ over the Billionaire mark. The Hornets are estimated to be worth $600-625 million so most of Jordan’s net worth comes from owning the team. With the pending sell of the Clippers, helped boost the net worth of every franchise in the NBA.
Jordan’s team was once known as the Bobcats, but once New Orleans dropped the Hornets for the name Pelicans, Jordan acted quickly to change the name back to what it once was many years ago. So bye, bye Bobcats and hello Charlotte Hornets.
The Hornets rank 29th in the NBA ahead of only the Milwaukee Bucks, who were sold in May for a then-record $550 million.
Jordan said his goal is to ‘attract superstars’ to Charlotte.