Current Date: 22 Apr, 2026
{{entry.title}}

How Magic Johnson Missed Out On $7 Billion Nike deal

Magic Johnson turned down a deal with Nike in 1979 that offered him 100,000 shares of stock and $1 for every pair of shoes sold. Instead, he chose Converse, which offered him $100,000 per year. Johnson lost about $5 billion by declining the Nike deal.

Years ago, Magic Johnson had the opportunity to become a billionaire, but early in his NBA career, he turned down a lucrative offer that was actually a disguised offer. The legendary basketball player recently confessed that he is still furious with himself for foolishly pursuing quick money when he had no concept of the long money game.

Johnson appeared on the “All The Smoke” podcast on Saturday (Jan. 14), and in a video that was shared on social media, he talked about his career both on and off the court. Johnson shot to fame after the Los Angeles Lakers selected him in the 1979 NBA Draft. The 6′ 9″ basketball star helped usher in the team’s “Showtime Era” alongside Kareem Abdul-Jabbar, James Worthy, Byron Scott, and others. Additionally, he did something no one else has ever done: he helped them win the NBA Championship in his rookie season. He was immediately in demand, and businesses flocked to him in an effort to sponsor him as an athlete.

The Naismith Basketball Hall of Fame inductee recalled, “Here I am just winning a national championship against Larry Bird, and three companies came in—Converse, Adidas, and Nike.” The three-time NBA MVP went on to say that Nike was only a few years old. Converse consequently made me the highest offer. As a result, you take the money when you’re poor.

The business tycoon previously disclosed that Converse offered him $100,000 for each year of his contract. However, he would not receive any cash up front as a result of Nike’s offer. He recalled that Phil Knight, a co-founder of Nike, entered the room and said, “Hey, I can’t offer you the same type of money, but I can offer you stock.” According to Cassius, Nike was prepared to give him $1 for each pair of shoes sold as well as 100,000 shares of the company’s stock. One share was worth about $0.18 back then, which is nothing in comparison to its current value of $128.85.

Johnson sighed in frustration, his hands on his head, and gritted his teeth. The retired legend remarked, “I wasn’t [trying to hear that] and I didn’t know nothin’ about it. “My family was not well off. When you don’t come from money, that is one thing that can hurt you. I didn’t even know what stocks were back then. I avoided the stocks as a result. Can you imagine what that stock would have been worth today in 45 years, $5 billion,” he continued.

He made light of the choice while on a promotional tour for his Apple TV docuseries, “They Call Me Magic,” last year. “Every time I consider that, it kills me. The wealthy businessman remarked, “Man, Michael Jordan would have been making me so much money. Johnson has still amassed a fortune through his various endeavors and has continued to be a prominent figure in the sports world, despite possibly missing out on a ton of money.

Similar Stories
The Crystal Maiden of the Actun Tunichil Muknal Cave

The Crystal Maiden of the Actun Tunichil Muknal Cave

Located in Belize, there is a cave where the remnants of ancient Maya human sacrifices can be witnessed. However, reaching the back of the cave system requires swimming, wading through a cave river, and crawling through narrow, uneven rocky passages in darkness. Once there, visitors can walk among the numerous corpses of sacrifice victims, including The Crystal Maiden, an 18-year-old whose skeleton has become calcified to the point of sparkling.

How hero parrot saved little girl who was choking on her breakfast

How hero parrot saved little girl who was choking on her breakfast

In 2008 Quaker parrot Willie alerted his owner Megan Howard when the little girl she was babysitting began to choke. Howard was in the bathroom when the parrot repeatedly yelled "Mama! Baby!" flapping his wings. Megan rushed and performed the Heimlich maneuver, saving her life. Willie received the Red Cross Animal Lifesaver Award.

How Being Bugs Bunny Helped This Voice Actor Out of Coma

How Being Bugs Bunny Helped This Voice Actor Out of Coma

Mel Blanc; the voice of Bugs Bunny, had been in a serious car accident that put him in a coma. After many unsuccessful attempts to get him to talk, a doctor asked “Bugs, can you hear me” Mel responded in the voice of bugs bunny, “Whats up, Doc? The doctors used this to lead him out of his coma.

A little girl survived a 1-hour submersion in freezing creek water

A little girl survived a 1-hour submersion in freezing creek water

On June 10, 1986, two-and-a-half-year-old Michelle Funk fell into an icy creek and was submerged for 66 minutes. When rescuers pulled her out of the water, she was not breathing, had no pulse, and appeared lifeless. The doctors used various techniques to rewarm her blood and bring her back to life. She was successfully resuscitated and went on to lead a healthy life.

Who invented the three-point seat belt?

Who invented the three-point seat belt?

While employed by Volvo in 1959, Swidish engineer Nils Bohlin created the three-point safety belt. Volvo first had the design patented, but soon as they discovered its importance as a new safety measure, they made the patent open to everyone. Millions of lives were genuinely spared by Volvo’s gift to the world.

The accidentally discovery of Riace bronzes

The accidentally discovery of Riace bronzes

Stefano Mariottini was snorkeling off the coast of Monasterace near Riace in 1972 when he noticed a human hand sticking out of the sand and called the police, thinking it was a corpse. It was actually two statues of "Warriors from Riace" - 5th century BC Greek bronze statues.

Leo Grand: from homeless to mobile app developer

Leo Grand: from homeless to mobile app developer

In 2013, A young programmer offered a homeless man the choice between $100 cash or coding lessons. Leo Grand chose the lessons, and his first mobile app was “Trees for Cars," which helps drivers find carpooling partners.

Australian man dies, comes back to life, and wins the lottery twice

Australian man dies, comes back to life, and wins the lottery twice

Bill Morgan, an Australian, is a man who has beat the odds. He escaped death by surviving a horrific automobile accident and heart attack before collapsing into a coma and going on to win the lotto twice. He went from losing virtually everything to winning far more than he could have imagined.

Before "The Rock," There Was "Rocky Maivia"

Before "The Rock," There Was "Rocky Maivia"

Dwayne “The Rock” Johnson’s first WWF persona was Rocky Maivia, a face (good guy). The audience rejected him due to his cheesy character, with chants of “Die, Rocky, die!”. After this, he became a heel (villain), referring to himself in the third person as “The Rock” and insulting the audience.

Unique Dining table with a hole for your cat to peek and join you dinner.

Unique Dining table with a hole for your cat to peek and join you dinner.

Dinos, a Japanese internet shop, has launched a new range of cat furniture, which includes this oak table with a hole in the middle and a perch underneath. It places your cat companion in the center of the table, making your cat the main focus of your meal, as it should be, because cats are the true proprietors of “your” home.

Why Is the N Lowercase in 7-Eleven?

Why Is the N Lowercase in 7-Eleven?

7-ELEVEN is thought to have a lowercase "n" in its logo because the company president's wife believed that a logo with all caps would seem harsh, while a lowercase "n" would make it more graceful.

24-year-old burglar beaten by retired boxer victim

24-year-old burglar beaten by retired boxer victim

A 24-year-old knife-wielding burglar attempted to get into the home of a 72-year-old senior in Oxford, England, in 2009, but was left battered, bruised, and pinned to the ground. Frank Corti, the elderly, turned out to be a former boxing champion.

'Press Your Luck' Was Hacked in 1984 by an Ice Cream Man

'Press Your Luck' Was Hacked in 1984 by an Ice Cream Man

in 1984 an contestant made it onto the game show Press Your Luck. He discovered using his stop-motion VCR that the presumed random patterns of the game board were not random and memorized the sequences. On the game he was on, he won 45 consecutive spins. winning $110,237 in cash & prizes.

JBJ Soul Kitchen: Bon Jovi's community restaurant

JBJ Soul Kitchen: Bon Jovi's community restaurant

JBJ Soul Kitchen is a community restaurant by Jon Bon Jovi with no prices on the menu; customers donate to pay for their meals. If you are unable to donate you may do volunteer work in exchange for your family’s meal.