How does Magic Johonson have a networth of 500 million. wants to own 2 LA franchises

[Derka]

Aside from being independently wealthy due to business decisions after this playing career, he's also the face of the Guggenheim Partners which is an investment/venture capital firm that manages something like $200 billion in assets.

He and his homeboys have the money.

[Dresta]

Their is no cure to AIDS. The government isn't in a rush to cure it no matter what anyone believes.

What does the government have to do with it? It will be independent scientific researches who attempt to come up with a way to cure the HIV virus. They may be funded by the government, but their work will be largely autonomous.

You really don't understand how scientific research works do you?

Not to mention getting HIV used to be a death sentence, and now it isn't much different to having diabetes.

[monkeypox]

The guy has tons of business interests. He used to own one of the skyscrapers in downtown LA. He's all over the place.

[kamil]

While most drugs take that long to get approved, new "groundbreaking" therapies go through an expedited drug approval process that gets them out onto the market sooner. If a cure was found for HIV/AIDS, it would definitely be approved much faster than that.

This happens rarely though, the FDA is known to stifle progress. Expedited treatments only apply to those basically on their deathbed. Of course, people with HIV/AIDS could croak at any moment, I have little faith in the FDA. I absolutely despise everything about it. I dont even understand why people assume treatments/drugs have to go through the FDA, there are other more lenient nations that allow drug approvals. Japan recently changed stem cell research legislation to significantly cut down the time required for a treatment to go from pre-clinical to commercial, where it sort of shortens the safety trials significantly. This is AWESOME because if stem cell research really is more or less the fountain of youth, 3D printing body parts with stem cells could seriously prolong the longevity of many athletes;

Torn ACL? Print a new one. Damaged cartilage? Print some more, patch it up.

But people with cancers, ie; pancreatic (low survival rate) will be able to just go out and get a new pancreas. Cancer won't need chemo or pills. I can't wait to see what the future holds.. I just hope I live long enough to see it.

[ralph_i_el]

It's tremendously easy to make money and earn money at a higher rate when you have millions already. It's really crazy, but that's the #1 lesson I learned getting my Finance degree.

Plus he's not the outright owner of the dodgers. He's the just lead investor for the group that bought the team.

[kamil]

It's tremendously easy to make money and earn money at a higher rate when you have millions already. It's really crazy, but that's the #1 lesson I learned getting my Finance degree.

Bingo; you have to spend money to make money.

[Dresta]

Agreed about the FDA. If you find a new form of treatment you better hope it's with a drug that's already been through trials, otherwise you may well be dead before your labours bear any fruit.

[buddha]

Their is no cure to AIDS. The government isn't in a rush to cure it no matter what anyone believes.

give everyone a mandatory aids test then exhile the ones who test positive to Africa. problem solved.

[Pointguard]

Johnson runs Magic Johnson Enterprises, a company that has a net worth of $700 million;[7] its subsidiaries include Magic Johnson Productions, a promotional company; Magic Johnson Theaters, a nationwide chain of movie theaters; and Magic Johnson Entertainment, a movie studio.[130] In addition to these business ventures, Johnson has also created the Magic Card, a pre-paid MasterCard aimed at helping low-income people save money and participate in electronic commerce.[131] In 2006 Johnson created a contract food service with Sodexo USA called Sodexo-Magic.[132][133]

+ some other business ventures

This.
He also has a cable station and quite a few Starbucks. His Business investments were considered odd and likely to lose. But he surprised everybody with it. Definitely the best Basketball business man ever. Kind of odd that the OP, a Laker fan, had no clue of this.

[NoGunzJustSkillz]

Doesn't he also own a shitload of Starbucks locations?

yelp and pretty sure he purchased them before the 'starbucks boom'.

[gts]

Doesn't he also own a shitload of Starbucks locations?

Sold them to buy his piece of the Dodgers and you're right it was a shitload

And to the others... Magic never had AIDS he is HIV positive, there's a difference...

[DonDadda59]

As great as he was as a basketball player, and he is consensus top 5 all time, he may be an even better businessman. He's a guy who turned a dollar into $20. Athletes should study his example instead of 'investing' in jewelry and not being able to buy a cheeseburger a handful of years after their career is over

[K Xerxes]

So how do you explain Magic being so healthy?

HIV doesn't kill you directly, it works by wiping out a type of cell critical for the immune system. What kills you are infections taking advantage of the diminished immune system (opportunistic). However, nowadays, drugs (HAART) can slow HIV down, but the actual virus will still be present. There is currently no way to get rid of it completely.

[Derka]

I'm feeling like his overall goal is owning one LA pro sports franchise in each sport with the overall goal of eventually bringing a NFL franchise back to LA. If anyone could convince AEG to sell off the Kings, Staples Center and the Galaxy and make it sound like a smart business move for them...it's Magic. He'd personally become a billionaire if he could pull that off.

[CarlosBoozer]

Never knew Magic was that good in business