Michael Jordan, 10 Richest Black Americans and Their Stock Picks
In this article, we will be taking a look at Michael Jordan, some of the richest black Americans and their stock picks. To see more of them, you can go directly to see Michael Jordan, 5 Richest Black Americans and Their Stock Picks.
At the moment this article is being written, the date is June 19, 2023, also known as Juneteenth. This date marks the historic occasion of the emancipation of enslaved Black Americans back in 1865. From that time till today, Black Americans have come a long way, but they still continue to fight against systemic discrimination and racism. In a global environment such as this, every time a Black American breaks free to ascend beyond the glass wall, they issue a cause for celebration. The existence of several Black American billionaires today is one such cause for celebration.
In our list below, we go over some of the most famous and successful Black Americans alive today, ranging from actors and singers like Tyler Perry and Rihanna to athletes such as Tiger Woods and LeBron James. These individuals have paved a tireless path for themselves over the past few decades, breaking all barriers and establishing a name for themselves in their respective fields through various activities. They include their business ventures, as in the case of Rihanna, for example, and even brand endorsements from mega-corporations like McDonald's Corporation (NYSE:MCD), The Coca-Cola Company (NYSE:KO), and NIKE, Inc. (NYSE:NKE), as in the case of LeBron James and other athletes. And, of course, a source of wealth that is of immense importance is also the investments each of these individuals has, whether in private companies or public ones or even in real estate and sports teams.
The Charlotte Hornets Sale
A sports team that has offered immense wealth and growth to one of the billionaires on our list is the Charlotte Hornets, owned by basketball legend Michael Jordan. However, news this June has revealed that Jordan is actually moving towards the sale of his majority stake in this prized asset while he continues to retain minority ownership of the team. According to CNBC, Jordan will be raking in $3 billion from this sale to investors Gabe Plotkin and Rick Schnall, when he initially had bought the majority stake in the team in 2010 for $275 million. Provided the sale does go through, these figures mean that Jordan will be exiting his majority stake in the team after making 10 times his original investment.
If the sale goes through, other assets that will be passed on include the Hornets Sports & Entertainment Group, the G League team, the Greensboro Swarm esports team, and the Hornets Venom GT. The sale will also include the transfer of the Spectrum Center, where the Charlotte Hornets play. However, before anything can be confirmed, the NBA Board of Governors has to approve the sale.
How The List Of America's Richest Black Billionaires Has Changed
Jordan's decision to sell the Charlotte Hornets probably does not surprise those who keep updated on the prices of sports franchises. The opportunity to cash in on billions of dollars when you initially put in an investment of millions would tempt anyone. The fact of the matter remains that trends will always keep shifting, and so will the markets. This means that those who can keep up with these changes will be the ones who benefit in the long run. When we covered the richest Black Americans back in our 2021 article, some names such as Rihanna, LeBron James, Alexander Karp, and Tiger Woods were not included. Between 2021 and 2023, these individuals have also risen to the top, becoming part of the select few within the Black American community who have managed to achieve the status of being a billionaire.
Rihanna became the youngest self-made female billionaire in the US in 2022 after the immense success of her makeup company, Fenty Beauty. LeBron James, a stellar NBA player, also achieved his billionaire status in 2022, raking in most of his wealth from his business ventures and endorsements with major companies like NIKE, Inc. (NYSE:NKE), as mentioned above. Alexander Karp has been a billionaire since at least 2015 after having founded the successful Palantir Technologies Inc. (NYSE:PLTR), and finally, Tiger Woods, a professional golf player, was certified as a billionaire by Forbes in 2022 as well.
At the same time, Kanye West seems to have dropped off our list because he lost several multi-year deals worth billions of dollars. These include the Adidas deal for the Yeezy sneaker brand and the Gap, CAA, and Balenciaga deals. The above shows how the list of Black billionaires in the US is ever-changing but also ever-expanding, and that in itself is a significant achievement for Black Americans today. To commemorate Juneteenth and now the historic success of these individuals, we have compiled a list of the richest Black Americans today while also highlighting their stock picks.
Our Methodology
To pick the individuals for our list, we checked the net worths of the richest Black Americans as of 2023, using Forbes' data. We shortlisted the 10 richest Black Americans and ranked them based on their net worth, from the lowest to the highest value.
Michael Jordan, Richest Black Americans and Their Stock Picks
10. Tyler Perry
Net Worth: $1 billion
Tyler Perry is a well-known Black American director, actor, producer, and writer. He began his career in entertainment in the 1990s, starting with live theatre and gradually moving to film and television by the 2000s.
While Perry may be best known for his role in the Madea franchise, which grossed over $660 million, a significant portion of his wealth has been coming from his business ventures in the media sector. Perry has a huge stake in a renowned cable network, BET, and reports this June have been stating that he may be acquiring this network alongside VH1. Both of these networks are owned by Paramount Global (NASDAQ:PARA), implying that this would be the stock Perry is most inclined towards.
A significant portion of Perry's wealth is also derived from his ownership of his films and Tyler Perry Studios, which is the biggest film-production studio in the US as of this February.
9. LeBron James
Net Worth: $1 billion
LeBron James is an NBA player and the first active NBA player to become a billionaire. He currently plays for the Los Angeles Lakers. The key to James' wealth is not his basketball career alone. Rather, the fact that he has been taking equity in the brands he works with has helped James achieve his billionaire status today.
The brands James has equity in include Beats by Dre, owned by Apple Inc. (NASDAQ:AAPL), and Blaze Pizza. He has also invested in Fenway Sports Group, a move that made him a part owner of the Boston Red Sox, Liverpool Football Club, and some other sports teams.
James has also been part of several brand endorsements for companies like McDonald's Corporation (NYSE:MCD), The Coca-Cola Company (NYSE:KO), and NIKE, Inc. (NYSE:NKE).
8. Tiger Woods
Net Worth: $1.1 billion
Tiger Woods is a professional golfer, a career through which he has earned about $1.8 billion. This includes a PGA Tour-record $121 million in prize money. He is the second active athlete to become a billionaire, after LeBron James.
Woods has invested his money mostly in two homes on Jupiter Island alongside a golf-course design business and a high-end mini-golf chain, Popstroke. He has also benefitted from numerous endorsements from companies like Monster Beverage Corporation (NASDAQ:MNST) and NIKE, Inc. (NYSE:NKE).
7. Rihanna
Net Worth: $1.4 billion
Robyn "Rihanna" Fenty is one of the most famous singers in the US. By now, Rihanna is known for more than just her music in light of her acting and business careers. While her role in the media and entertainment industry of the US has certainly paved the way for her success and current wealth, the largest portion of her fortune comes from the success of her cosmetics line, Fenty Beauty.
In 2022, Fenty Beauty's revenue doubled. The company is co-owned by Rihanna and LVMH Moet Hennesy Louis Vuitton SE (EPA:MC). Rihanna's 30% stake in the SavagexFenty lingerie line has also helped rake in the cash. In 2022, the lingerie company was reported to be eyeing a $3 billion initial public offering as well.
6. Alexander Karp
Net Worth: $1.9 billion
Alexander Karp is the co-founder and CEO of Palantir Technologies Inc. (NYSE:PLTR), a data mining firm that does contract work for government agencies such as the Department of Defense and the Federal Bureau of Investigation. He is the son of a Jewish man and a Black woman.
In light of the current AI boom, aided in large part by the discussions surrounding generative AI, Palantir Technologies Inc. (NYSE:PLTR) is a company that many professionals are keeping an eye on. This development is working in favor of Karp and all other shareholders in the company.
Like McDonald's Corporation (NYSE:MCD), The Coca-Cola Company (NYSE:KO), and NIKE, Inc. (NYSE:NKE), Palantir Technologies Inc. (NYSE:PLTR) is a stock that is highly popular among investors today.
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Disclosure: None. Michael Jordan, 10 Richest Black Americans and Their Stock Picks is originally published on Insider Monkey.