Current Date: 11 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
A Pilot Survived 20 Minutes Outside A Flying Jet

A Pilot Survived 20 Minutes Outside A Flying Jet

In 1990, the captain of flight 5390 Timothy Lancaster got sucked out of his own plane when the window of the plane fell off. The crew held the captain’s leg for 30 minutes while the plane performed emergency landing. Everyone survived.

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.

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.

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.

'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.

Billy Ray Harris: A Story of Kindness and Honesty

Billy Ray Harris: A Story of Kindness and Honesty

In 2013, a homeless man named Billy Ray Harris discovered a $4,000 engagement ring in this cup. A woman had dropped while giving him some change. He returned the ring to her two days later. To thank him for his honesty, she set up a fund with the goal of raising $4,000 for him. It earned more than $185,000.

Couple reunites after 60 years apart

Couple reunites after 60 years apart

A Russian couple were reunited after being separated for 60 years. They were married for 3 days when the husband left to join the Red Army. They were unable to find each other until 60 years later when they randomly visited their hometown on the same day.

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.

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.