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Michael Jordan is now a billionaire

Amanda Weindel
Michael Jordan billionaire
The billionaire club has a new member. According to a Forbes report, Michael Jordan has increased his stake in the Hornets and crossed the billionaire threshold. (Yahoo Sports)

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.

Read More What the rich are buying this season: The NBA

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