Michael Jordan is officially a billionaire

Michael Jordan's increased stake in Charlotte Hornets bumps him up into billionaire range.
By Danielle Haynes Follow @DanielleHaynes1 Contact the Author   |   June 13, 2014 at 7:29 AM
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CHARLOTTE, N.C., June 13 (UPI) -- After increasing his stake in the Charlotte Hornets, Michael Jordan's net worth is estimated for the first time to be more than $1 billion.

A report in Forbes says the former NBA superstar has increased his stake in the Hornets from 80 percent to 89.5 percent in the past several months.

That makes Jordan's interest in the team worth about $416 million after factoring in the team's debt of $135 million. Jordan's worth outside the team is about $600 million, making his net worth firmly in the 10-figure range at $1.016 billion.

Jordan first invested in the Hornets in 2006 and became the controlling owner in 2010 after buying out Robert Johnson for $175 million.

Forbes says Jordan's annual income is about $90 million.

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