Current Date: 14 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
Mystery of 300-year-old mummified mermaid is being probed

Mystery of 300-year-old mummified mermaid is being probed

There is a 300-year-old mummified mermaid with 30 centimetres tall and features a human-like head, two hands with what appear to be fingernails, and its lower body that look like a fish tail. The “mermaid mummy” is being probed by Japanese scientists in an attempt to unravel the mystery of its existence.

The world’s longest flight spent more than two months in the air

The world’s longest flight spent more than two months in the air

Roberts Timm and Jim Cook, two pilots, flew an aircraft for more than two months without landing in 1958. Matching the speed of a truck moving down the road to refuel. A mattress for sleeping, a small steel sink for personal hygiene, the removal of most interior fittings to reduce weight, and a basic autopilot were among the improvements.

Man uses first-class ticket to eat for free at airport's VIP lounge for almost a year

Man uses first-class ticket to eat for free at airport's VIP lounge for almost a year

A Chinese man purchased a First Class Ticket, which included admission to a VIP Lounge with free food. Over the course of a year, he rescheduled over 300 times in order to receive over 300 free dinners. When questioned, it was discovered that he is rescheduling his reservation to another date after eating. He eventually cancelled the ticket and got a full refund.

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.

Water park in japan, ocean dome: Largest indoor water park in the world

Water park in japan, ocean dome: Largest indoor water park in the world

The Seagaia Ocean Dome, located in Miyazaki, Japan, was the biggest indoor waterpark in the world. An "Ocean" six times the size of an Olympic pool, filled with 13,500 tons of unsalted, chlorinated water kept heated at 28 degrees Celsius and recognized as the largest simulated pool by the Guinness Book of World Records, measures 12,000 square meters of the sandy beach made from 600 tons of stone.

Abraham Crijnssen – The Ship That Disguised Itself As An Island

Abraham Crijnssen – The Ship That Disguised Itself As An Island

During World War II a Dutch minesweeper evaded the Japanese for eight days disguised as an island. The crew covered the decks in cut trees and painted exposed surfaces to look like rocks. They moved only at night and anchored closed to shore by day, eventually escaping to Australia.

Story of Forrest Fenn and who he hid a bronze chest treasure full of gold and other jewels

Story of Forrest Fenn and who he hid a bronze chest treasure full of gold and other jewels

Forrest Fenn, an art dealer, hid a bronze chest full of gold and other jewels somewhere in the Rocky Mountains ten years ago. In a poem, he hinted at its location. Thousands of people tried and failed to find the treasure, which is said to be worth over a million dollars, and at least four people died in the process. In June 2020, the Fenn treasure was discovered.

ILOVEYOU Virus, the worst computer virus of all time

ILOVEYOU Virus, the worst computer virus of all time

The ILOVEYOU Virus, also known as Love Letter for You or Love Bug, had a high infection rate due to its ability to spread itself by copying entries from users' email address books. It is a virus that was created in 2000 by a college student in Manilla, Philippines, and was recognized by the Guinness Book of World Records as the worst computer virus of all time, causing more damage than anything before it.

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.

The fearless Annie Lee Cooper

The fearless Annie Lee Cooper

Annie Lee Cooper was fired in 1963 after attempting to register to vote. She attempted it once more in 1965, but the sheriff ordered her to leave after prodding her in the neck with a club. She then punched him, causing him to fall to the ground. She was imprisoned before ultimately registering to vote. Following the passage of the Voting Rights Act, the sheriff was ousted and subsequently imprisoned for collaborating to transport drugs, but Annie Lee Cooper lived to reach 100 years old and bears her name to this day.