In 2014 LeBron James gave an interview to GQ Magazine saying that his biggest milestone or achievement, from a financial standpoint, would be to become the first active NBA player to enter the billionaire’s club.
Fast forward eight years, and his goal was met on June 01, 2022. Many of you may be wondering about Michael Jordan, but his assets did not reach the one billion milestone until long after he retired from the courts. To be a billionaire in the U.S. is being part of a short list of about 724 people among 330 million citizens.
Most of the 37-year-old Laker’s star’s wealth is linked to stake in companies, real estate, and investments. About half of it, in fact, is divided between two companies. James owns The Springhill Company (a 300-million-dollar business) comprising three different segments, a robot company, a marketing agency, and an entertainment company, the same one that produced the sequel to Space Jam - A New Legacy, in which the King also starred.
When we add these three companies to Fenway Sports Group (valued at approximately $100 million) that is already half of his money. Blaze Pizza (valued at $ 34 millions), his real estate and properties are worth approximately $ 81 millions) and the other half billion are cash liquidity and stakes in companies that are publicly traded.
His billionaire status is being seen in the United States as a great achievement of an African American, who in the middle of his basketball career, was able to conduct businesses like no other active player in history with incredible insight, affluence, and business decisions.
James was probably the only athlete / investor who, at an early stage, envisioned the future prominence of Beats, which later would turn into a cash cow.
LeBron’ s unwillingness to let money sitting around has also a massive charitable aspect, early in his career, the King founded the LeBron James Family Foundation to improve the lives of children in his hometown of Akron, Ohio, to this date, it is one of the most well-managed foundations in the country (proving once again his business skills), later in 2018 this institution merged with the public-school sector, also in Akron, and the I Promise School was founded, which later became a model of schools to private-public sector partnerships around the country.
Financial experts say that it is James' unyielding drive to maximize his investments that landed him in the billionaire club. He just can’t stop investing, in his community, socially, in technology, in entertainment and in the food industry, among others, he simply won’t quit. That is an aspect very similar to all billionaires.
What allowed him to invest in several businesses was definitely his endorsements, which accounted for more than his NBA salary throughout the years.
LeBron James began his NBA career at the Cleveland Cavaliers under an $18.8 million contract. Throughout his career he won three Olympic medals and four NBA Championships.
He is the King, indeed, both in and out of the NBA and in several businesses.
