Once again, Michael Jordan has made history.
He’s just become the first professional athlete to enter the Forbes 400 list.
But to crack a spot on the list of richest Americans, he had to sell something pretty valuable.
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Jordan is considered one of the greatest basketball players of all time.
While he built his reputation during his time with the NBA, he built most of his wealth off the court.
Most notably through his collaboration with Nike.
Together, he and the brand made the Air Jordan shoe, which is now one of the most iconic sneakers ever created.
But it’s thanks to his mother that this was such a profitable venture.
She recommended that he add a clause to his contract that stipulated that he make a profit off each shoe sold.
With the success of Jordans showing no signs of slowing down, it’s estimated that Jordan himself takes in about $400 million a year from Nike.
Another off-court venture that has helped his rise to riches was the acquisition of the Charlotte Hornets.
He bought the team in 2010 for a respectable $275 million.
Now, 13 years later, he’s sold his shares in the team for almost 17 times that.
He sold to free up more time to spend with his family and to focus on other personal interests.
This move has pushed his personal wealth to around the $3 billion mark, high enough to earn him a seat at the Forbes 400 table.
While $3 billion is a decent bank balance, it’s worth noting that Jordan is still only number 379 on the list.
He shares the spot with the likes of John Paul DeJoria, who owns Patrón, and the heir to the Wrigley’s chewing gum fortune, William Wrigley Jr.
At the top is none other than Elon Musk, with a net worth of $251 billion.
