Michael Jordan is one of the biggest personalities in the sports world. He made enough money from his NBA career and endorsements during that time to lead a comfortable life. However, since his retirement, MJ has grown his wealth in huge increments. From leading a comfortable life, to having enough wealth for several generations to lead a comfortable life.
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Jordan has a net worth of over $1.7 Billion. The Bulls legend made just over $93 Million during his playing career. This often leads to people asking. How did MJ build his wealth by so much in less than two decades?
The answer is simple. The biggest contributor to MJ’s wealth has been his Jordan Brand. Last year, MJ earned over $150 Million from the Jordan Brand. However, that isn’t his only source of income.
The recent FTX crash has affected a revenue stream for MJ as well.
Michael Jordan lost around $10 Million after FTX Crash
One of the things that have helped MJ become the Billionaire he is today has been his willingness to adapt to the times. NFTs and Cryptocurrencies have been the craze for the last year or two. MJ did not stay behind on that trend as well.
In March 2022, he released the ‘6 Rings’ NFT collection. He released 5000 non-fungible tokens, each selling at the average price of around 16.99 SOL. In March, SOL to USD conversion was almost $100 per SOL. If we calculate it that way, MJ made around $10.4 Million.
According to the latest reports, Jordan suffered a net loss of 92%. This means he’s left with a little over $800,000. That is quite a hefty loss. He joins Warriors stars Klay Thompson, Stephen Curry, and NBA legend Shaquille O’Neal as a victim of the FTX crash.
How will the FTX crash affect the NBA?
Many players had clauses in their contracts where they were willing to take a part of their salary in the form of cryptocurrencies. However, we can expect this to change with the latest crash and how other players suffered losses.
The Miami Heat may also have to suffer the biggest change. The Heat Arena used to be named the FTX Arena. However, once the same crashed, there was now uncertainty about their deal and who will get the new naming rights.
Additionally, Warriors’ Stephen Curry has been named as one of the plaintiffs in a class-action lawsuit filed after the FTX crash. Steph was one of the advertisers of the giant, and he’s been sued for damages.
