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
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.

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.

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.

Missing Masterpiece Discovered in the Background of ‘Stuart Little’

Missing Masterpiece Discovered in the Background of ‘Stuart Little’

In 2009, Gergely Barki, an art historian, was watching the film Stuart Little (1999) when he spotted an original long-lost painting used as a prop. Called Sleeping Lady with Black Vase, this painting was the work of Hungarian avant-garde painter Róbert Berény. The painting had been considered lost after World War II.

'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.

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.

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.

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.

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.

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.

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.

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.

China Weather Control on 2008 Olympics with missile

China Weather Control on 2008 Olympics with missile

One thing is certain: when it comes to ensuring nice weather for the world's largest party, the Chinese cannot be accused of being subtle. The Chinese government authorized the use of 1,104 cloud seeding missile launches from 4:00-11:39 p.m. on Friday night to reduce the possibility of rain ahead of the 29th Olympic opening ceremony in Beijing