Another of his impressive feats: he became a billionaire while dominating a league he’s been a part of for two decades.
James, 38, has a net worth of about $1.1 billion, according to the Bloomberg Billionaires Index, which is assessing his fortune for the first time. His wealth is made up of a combination of his salary from the National Basketball Association (tens of millions of dollars a year from recent seasons), as well as endorsements, investments, and that of his own consumer and entertainment business, SpringHill Co. .
nicknamed King James ever since his prodigious high school career led the Cleveland Cavaliers to pick him first in the 2003 NBA draft, James has since said he wants to be a billionaire. He has rubbed shoulders with business executives and dined with Warren Buffett, who in 2015, in a television interview, advised him to “Make monthly investments in a low-cost index fund.”
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“Someone else is going to do better with this or that, but, also, someone else is going to do much worse with this or that”said Buffett, now 92, who ranks fifth in Bloomberg’s index of the world’s richest people with a net worth of $109.1 billion. “Their skill is in making a lot of money doing something they do extremely well, but in general they won’t be able to take the time to also become a professional investor. So I give you the same advice that I give 99% of people.”
James has proven to be part of that 1% minority.
SpringHill was recently valued at about $725 million after James and his business partner, Maverick Carter, sold a minority stake to a group of investors, including Nike Inc., the company with which James agreed to a lucrative endorsement for life at the end of 2015. That deal is expected to net James $1 billion over his lifetime.
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James has also worked with companies such as the Blaze Pizza restaurant chain, acquiring a stake valued at tens of millions of dollars. He raised more than $100 million after Beats Electronics was sold to Apple Inc. for $3 billion in 2014. In 2021, James converted his 2% stake in Liverpool FC into 1% of his owner’s Fenway Sports Group, which oversees a portfolio valued at about $10 billion.
James, whose salary is $44.5 million this year, is averaging 30 points per game for the Lakers, the seventh-most in the league. He also ranks 12th in assists and is in the top 30 in rebounding, and after about 20 years in the NBA, he still fills the stat sheet.
He has suggested that his goal is to stick around long enough to take the court with his son, Bronny, a high school senior who is widely considered an elite prospect. They would be the first father and son duo to play together in an NBA game.
“My last year I will play it with my son”James told The Athletic a year ago. “Money will not be an issue at that time.”
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Source: Gestion
Ricardo is a renowned author and journalist, known for his exceptional writing on top-news stories. He currently works as a writer at the 247 News Agency, where he is known for his ability to deliver breaking news and insightful analysis on the most pressing issues of the day.
