Michael Jordan just became a billionaire

Cathy Martin - Jun 13, 2014 - 4:00:00 pm

After increasing his ownership stake in the Charlotte Hornets from 80% to 89.5% in recent months, Michael Jordan is now a billionaire, Forbes magazine reports.

Jordan's net worth outside of the Hornets is estimated at $600 million, and his ownership stake in the NBA team makes his equity worth an estimated $416 million, according to the report.

Jordan, 51, topped Forbes' list of Highest-Paid Retired Athletes of 2013 with overall earnings of $90 million, mostly due to sales of his Nike Jordan Brand apparel and shoes. 

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