Michael Jordan is considered a legend in the basketball arena, and now he has gained an additional credential by becoming a billionaire.

Mike Ozanian of Forbes recently reported that Jordan has increased his holding in the Charlotte Hornets from 80% to 89.5%, which launched the great basketball player into a billionaire status. The Hornets reportedly has a net worth of $600 million to $625 million, and majority of Jordan's net worth comes from his ownership in the franchise, Bleacher Report detailed.

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Formerly called the Bobcats, the Hornets have been known as one of the worst teams in NBA since it joined the league in 2004. However, they have managed to reach the playoffs in the last season, and there is a lot of buzz around the team now that it has undergone a name change.

The New Orleans Pelicans had opted to ditch their Hornets nickname, and Jordan took advantage of the name's availability. ESPN.com reports that Charlotte fans wanted to bring back the Hornets nickname, so Jordan decided to make that possible.

In May, Jordan said he intended to bring back the name to "bring the buzz back" and restore the energy and pride in the city. Although a name change will not guarantee that the team will shoot back to fame, the Hornets are undoubtedly starting to be back on the right track in the basketball court.

The value of the Hornets is bound to go up as the team improves and starts playing consistently in the NBA playoffs. This would also entail an increase in Jordan's value.

According to Kathryn Dill of Forbes, Jordan's appeal has not faded after all these years because he has been successful in various sectors, so it is no surprise that he has now reached the billionaire status. Dill also said His Airness has been rewarded for his contribution to the basketball league.

TagsMichael Jordan, billionaire, Charlotte, Hornets, stake increase, franchise, net worth