NBA

Magic Johnson turned down a Nike stock offer from Phil Knight back in 1979

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Magic Johnson has made a lot of great business decisions in his life. Magic Johnson Enterprises has introduced a nymber of well-known brands such as AMC Theatres, 24 Hour Fitness, T.G.I. Fridays and Starbucks to ethnically diverse and lower socio-economic neighborhoods all across America leading him to attain a net worth of approx. $500 million.

However, there’s one business decision that he’s made way back in 1979 when he just declared for the NBA Draft that still haunts him to this day – not accepting a stock offer from Nike founder Phil Knight.

Magic explained this earlier on this week on The Ellen DeGeneres Show.

“When I first came out of college, all the shoe companies came after me, and there was this guy, Phil Knight, who just started had Nike,” Magic said to Ellen.

“All the other companies offered me money, but they (Nike) couldn’t offer me money because they just started.

“So he said something about stocks—’I’m gonna give you a lot of stocks.’ I didn’t know nothing about stocks. I’m from the inner city, we don’t know about stocks, you know, at the time.”

“Boy, did I make a mistake, I’m still kicking myself. Every time I’m in a Nike store, I get mad. I could’ve been making money off of everybody buying Nike’s right now!”

Ouch.

Check out the entire interview here:

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