Current Date: 10 Mar, 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.

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.

Toddler Calls 911 Accidentally and Saves Dad's Life

Toddler Calls 911 Accidentally and Saves Dad's Life

A father from Florida collapsed on the floor during a medical episode. Fortunately, his toddler son dialed 911 by accident and saved his life. An officer from the Hernando County Sheriff's Office arrived quickly and administered first aid before transporting him to a nearby hospital.

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.

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.

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.

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.

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.

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.

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.