The decision that caused Magic Johnson to lose $5 billion


MAgic Johnson says he regrets not signing with Nike when he made his NBA debut in 1979.

Johnson was called to Los Angeles Lakers and signed a cash contract with the Converse shoe company rather than Nike.

“I never heard of stocks at 19,” said Johnson.

“So I took the money and, man, I would have been a trillionaire by now.

“Are you thinking about how to get these shares in 1979 then, and how much are they worth today? Yes, so it kills me every time I think about it.

“I’m like, ‘Dude, Michael Jordan would make me this much money.

Magic Johnson Regrets $5.2 Billion

Story Johnson rejected the offer of the co-founder of Nike Phil Knight was portrayed in the sixth episode of the HBO series Victory Time: The Rise of the Lakers Dynasty.

Knight suggestions Johnson $100,000 plus one dollar for each shoe sold, which the show estimates is worth $5.2 billion today. Instead of, Johnson chose a $100,000/year Converse deal.

Despite losing a huge amount of money, Johnsonnet worth is still very impressive at $600 million.

The 62-year-old is considered the greatest point guard of all time and one of the best NBA players in basketball history.


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