August 12th 2023.
Magic Johnson, a National Basketball League Hall of Famer, missed out on a massive money-making opportunity in his early days. According to Sports Illustrated, the former point guard turned down an offer from Nike for a sneaker brand deal all the way back in 1979. That deal would be valued today at around $5.2 billion.
Recently, Johnson sat down for an interview on the All The Smoke podcast, hosted by fellow former NBA players Matt Barnes and Stephen Jackson. He discussed a mistake he made before even stepping onto the basketball court to play: signing with Converse instead of Nike. Johnson explained, “Three companies came in; Converse, Adidas, and Nike. Nike was just a year or two old. Converse offered me the most money.”
He had decided to take the upfront money Converse offered instead of the stock Nike proposed, as Johnson's family didn't come from money. He went on to express his regret, “My family didn’t come from money. That hurts us sometimes when you don’t come from money. I didn’t even know what stocks was at that time. So, I passed on the stocks. Can you imagine? Forty-five years and $5 billion of stock.”
Magic certainly missed out on a once-in-a-lifetime opportunity with Nike. But luckily for him, everything turned out alright. In his retirement from the NBA, he became a billionaire on his own with his own business and sports-related endeavors. Even before that, his Converse Weapon sneakers, worn on the court, and his ad campaigns with Larry Bird were popular and successful.
Now, episode 165 of #AllTheSmoke with @MagicJohnson on YouTube is available for all to watch. Watch and learn more about Johnson’s journey and success. #ATSBestofSeason4
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