Black Owned Wall Street

In 1979, Magic Johnson turned down Nike stock, opting instead for a guaranteed cash deal with Converse because he didn’t understand stocks at the time. He has called it a major regret, as those Nike shares would now be worth billions. Nike had offered him 100,000 shares plus $1 for every pair of shoes sold, but he chose Converse’s $100,000 annual contract instead—potentially costing him a fortune that could easily be valued at over $1.2 billion today. Despite this missed opportunity, Johnson has still become a highly successful businessman.