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Michael Jordan is now a billionaire

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The billionaire club has a new member, according to a Forbes report.

After increasing his stake in the Charlotte Hornets, Michael Jordan is now a billionaire.

The NBA great's interest in the Hornets has risen to 89.5 percent from 80 percent over the past few months, the report said.

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Prior to his increased stake, Jordan's net worth was reportedly around $750 million.

Jordan first became an investor in the Hornets in 2006. He later became a controlling owner in 2010 after he bought out Robert Johnson for $175 million.

Sports bankers put the Hornets' current value between $600 million and $625 million, the report said.

To read the full report, click here.

—By CNBC's Amanda Weindel

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