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Magic Johnson’s EquiTrust Life Insurance company has teamed up with Carver Federal Savings Bank and MBE Partners to provide $225 million in Paycheck Protection Program (PPP) loans to minority and women-owned businesses, according to Black Enterprise . This is in addition to the combined $100 million in PPP loans that the corporations have provided during the coronavirus, bringing the total to $25 million in funds. These loans are for all nonprofits, religious organizations, minority, and women-owned businesses that were left out of the Small Business Administration funding. “These businesses are a vital part of our economy and essential to the economic growth necessary for recovery from the pandemic. We have a responsibility to ensure an equitable distribution of federally backed capital to minority-owned small businesses,” Chair of EquiTrust Life Insurance, Earvin “Magic” Johnson, said. The coronavirus pandemic has had a tremendous impact on business owners, especially those that...
Business tycoon, Earvin “Magic” Johnson, will allocate $100 million in federal loans via his insurance company, EquiTrust , to businesses owned by women and people of color as part of the governmental Paycheck Protection Program (PPP). According to Black Enterprise (BE), Johnson was inspired to participate in the PPP after reading about Black-owned small businesses being unfairly passed over for PPP funds and several major organizations such as the Los Angeles Lakers returning their PPP funds to the federal government. “We knew why the money was gone and couldn’t trickle down to small businesses, especially small minority businesses, because they didn’t have those great relationships with the banks. So this was easy for us to understand,” Johnson told the Wall Street Journal. Johnson is the owner of the nation’s largest minority-owned insurance company, according to BE. The insurance company will collaborate with the Latino-owned company, MBE Capital Partners, in order to allocate...
Black wealth, especially at the billionaire level, remains a statistical anomaly in global finance. But in 2025, that narrative continues to shift — if only incrementally. According to Forbes, out of 3,028 billionaires worldwide, only 23 are Black, representing less than 1% of the list. Despite this underrepresentation, these 23 individuals collectively hold an impressive $96.2 billion in wealth. The figures tell one story. The names behind them tell another story — one of legacy, innovation, cultural power, and long-game strategy. This year, two notable newcomers joined the global roster of Black billionaires: Sheila Johnson, the media and hospitality powerhouse, and Herriot Tabuteau, a biotech founder with a focus on brain health. Both represent not only financial achievement but industry-specific influence in spaces where Black leadership is often overlooked or underestimated. Who’s New To The 2025 Black Billionaires List? Sheila Johnson, widely known as the co-founder of Black...
Magic Johnson went from an unequivocal role in the NBA to a businessman and a legend in his own right. Magic Johnson’s net worth is currently estimated to be about $600 million, according to Celebrity Net Worth. During his career as an NBA player, Johnson’s annual salary was around $24 million, an amount that hasn’t been adjusted for inflation. Despite his career ending prematurely due to hysteria over his HIV diagnosis, Magic Johnson had an impeccable 12-year run in the NBA. He won five championships out of nine trips to the finals, earned three MVP awards, and was selected to the All-NBA First Team nine times. In 1995, he opened up Magic Johnson Enterprises. This business venture grew into other ventures such as the ownership of health clubs, movie theaters, real estate, and more . Johnson purchased a majority stake in the Los Angeles Dodgers for $2 million. He also owns a stake in the WNBA’s Los Angeles Sparks. Not to mention, the retired basketball legend is part-owner of the...