Current Date: 18 Jun, 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
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.

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 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.

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.

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.

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.