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Michael Jordan’s Hero Magic Johnson Turned Down a Massive Nike Shoe Deal That Cost Him Over $600 Million
Magic Johnson is considered by many to be the greatest point guard to ever live. And before Michael Jordan came into the picture, he was considered to be the greatest ever. Being one of the greatest ever, Magic has made millions throughout his career through endorsement deals and business. But when he was 19, he turned down a deal that would be worth billions now.
When Magic was 19, he was the hottest commodity in basketball. He had just won a national championship and teams were lining up for his signature. And just like teams, shoe companies were also queuing for Magic. One of those companies was Nike. Nike may be the biggest shoe company in the world, but back then, they were only a small name and had just started out. And they couldn’t offer Magic the kind of money which he was looking for. Instead, they offered something, which proved to be extremely valuable to this day.
Magic Johnson laughed when Nike offered him stocks over money
Nike offered Magic a share of the company. Nike had just started out, and they wanted Magic as the face of their company. So they offered him stocks. Magic says, “When I first came out of college, all the shoe companies came after me and this guy, Phil Knight, who had just started Nike.”
“All the other companies offered me money, but (Nike) couldn’t offer me money because they just started. So he said, ‘Stock. I’m going to give you a lot of stock.’ I didn’t know anything about stock. I’m from the inner city. We don’t know about stocks. Boy, did I make a mistake. I’m still kicking myself. Every time I’m in a Nike Store, I get mad. I could have been making money off of everybody buying Nikes right now.”
The stocks which Nike offered would be worth over $600 Million now. And that is just a rough estimate. The actual number would be significantly higher. But Magic says he does not have any regrets, as taking stocks was not a smart decision.No one expected Nike to become as big as it is today. So even though it may seem like a dumb move, Magic did what he needed to, and made the smart decision for himself.
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