MAGIC JOHNSON STILL HURTING OVER $2B NIKE MISTAKE!! NBA Billionaire Confesses He Turned Down Phil Knight’s Stock Offer As A 19-Year-Old… “It Still Hurts Me To Tell This Story!” (DETAILS)
Honey, clear off your timelines and grab your calculator, because even the most successful business moguls in sports history have that one major missed bag that haunts them late at night!
Media Take Out can report that NBA legend and billionaire entrepreneur Magic Johnson is opening up about the single worst financial decision of his life—a 1979 decision that ultimately cost him a jaw-dropping $2 BILLION!
During an emotional and candid sit-down on The Tonight Show, the Hall of Famer recalled how Nike founder Phil Knight tried to recruit him right after Magic led Michigan State to a national championship. But because Nike was just a small, struggling startup at the time, young Magic made a choice that still stings over four decades later!
Converse Cash vs. Nike Stock: What Happened In 1979
Back in 1979, as a 19-year-old rookie preparing to enter the NBA draft, every shoe brand on earth wanted a piece of Earvin “Magic” Johnson. But Nike wasn’t the multi-billion dollar global empire we all know today—it was an underdog company run by a guy Magic didn’t even recognize!
Magic broke down how the shoe pitch went down:
“It wasn’t as good as it could have been because Converse, Adidas, and this guy named Phil Knight came to Michigan State to recruit me. I didn’t know this long-haired guy named Phil Knight. Converse offered me the most money, Adidas came in second…”
When Phil Knight realized Nike couldn’t match Converse’s upfront cash offer, he offered the young star something else—company stock!
“I Didn’t Know Anything About Stocks At 19”
Because Magic was a teenager who needed immediate cash, he turned down Phil Knight’s stock offer and signed on the dotted line with Converse.
If Magic had accepted Nike’s stock options instead, those shares would be worth roughly $2 billion today:
- The $2 Billion Bag: Magic admitted the astronomical number still gets to him: “Phil said, ‘Hey, I can’t give you the same amount of money as Converse because we just started our company. But I can give you something called stock.’ Almost $2 billion. Think about that, in 1979… It still hurts me to tell this story!”
- A Teenager’s Perspective: “I didn’t know anything about stocks at 19 years old… But God is good. I’m still blessed.”
Still A Billionaire At The End Of The Day!
While missing out on $2 billion would keep most people up at night forever, Magic didn’t let that 1979 mistake stop his hustle. Through his empire of Starbucks franchises, movie theaters, real estate, and sports team ownership (including the LA Lakers, LAFC, and Washington Commanders), Magic officially joined the billionaire club anyway!
Still, hearing a billionaire admit that a shoe deal from 45 years ago still hurts is proof that even the greats have a “what if” moment!
What do you think about Magic Johnson turning down Phil Knight’s Nike stock? What would you have done as a 19-year-old in 1979? Let’s talk about it in the comments below!
