We’ve all heard about the Gamestop stock price shooting up. It seems to be one of the reasons why Michael Jordan is worth $500 million less.
Jordan became the first sportsperson to reach the billion-dollar net worth figure earlier in the 2010s. Despite being 18 years away from his final professional game, Jordan sneakers remain the most in-demand sneakers on the planet.
This allows MJ to add $100-150 million to his net worth by default, every year, of late. However, that doesn’t mean that it’s all rosy on the personal moneybag front for the GOAT.
Forbes has reported that Jordan’s net worth now stands at $1.6 billion – the same figure as the year 2018. It had shot up to as much as $2.1 billion in 2020, but there have been some mitigating factors at play.
— Forbes (@Forbes) March 20, 2021
Why is Michael Jordan down $500 million?
As mentioned before, the Gamestop stock has been a vital factor in Jordan’s wealth reduction. MJ’s Hornets co-owners went into a debt running into the tens of billions of dollars because they’d taken a short position on this stock.
It was reported even at the time that MJ’s personal wealth might be tied to this whole phenomenon. Given the success of ‘The Last Dance’, sales of the Jordan brand had skyrocketed in mid-2021. But even that has failed to prop up MJ’s net worth.
Michael Jordan is still tied to endorsers like Hanes, Gatorade and Upper Deck. He still has the luxury of passing on potential $100 million deals when he thinks they don’t fit into his profile.
You shouldn’t be feeling bad for MJ at all, however. His brand value remains sky-high. If the Lakers are unable to repeat this season, he will continue to be the consensus GOAT for at least a while, if not longer.