His one-time rivalry with former Celtics great Larry Bird now reads like a single piece of a larger legend, rather than Johnsons defining moment. And, so the rest is history, Johnson recalled in an interview with Yahoo Finance. Magic Johnson remains the gold standard for professional athletes turned businessmen. In 1991, Schultz was something of a visionary. While it is hard to gauge how accurate the numbers given by the show were, we know Nike had its IPO (initial public offering) in Dec. 1980, debuting at $22 per share. Starbucks exploded, and the deal was a massive success. He brought the high-end coffeehouse experience to the masses with the rapidly-growing Starbucks chain. He was now a business visionary. Despite signing LeBron James, the Lakers had an unexpectedly poor 35-47 record. Perhaps he walked too soon. After making smaller investments in properties and global fast-food chains like Burger King, Johnson got more creative. Nikes closing price on Wednesday was $127.49, meaning that the one IPO share would be worth over $16,300 (not even counting the quarterly cash dividend Nike has paid to shareholders since 1985 and any such reinvestment of those dividends). Johnson saw a major missed opportunity in Schultzs target markets. While the five-time NBA champion has made some fortuitously timed investment decisions, he laments not pulling the trigger on some free Nike (NKE) stock. I was 19, didnt know a lot. In truth, his athletic prowess is one minor part of his formula for success. This extends to Johnsons stakes in the Lakers and Los Angeles Dodgers. Kiffins daughter, Landry, shared a hilarious TikTok video this week in, You can unsubscribe anytime. The Browns did, Houston Astros manager Dusty Baker has to go against Shohei Ohtani a lot, with Ohtani playing for an AL West rival. In the episode, Knight offered Johnson $100,000 in Nike stock options as well as a $1 royalty for every shoe sold. But even he has made decisions he would like to have back. So he gave Starbucks CEO Howard Schultz a call. Years before Johnson was done with his legendary Lakers run, he began putting the pieces in place for the next phase of his life. The NBA All-Star pitched Schultz. So that kills me every single time I think about that. Yikes! He didnt bite. Johnson had been offered options in Nike stock to sign with them but chose the cash that was being offered to him by Converse instead. The New Orleans Pelicans center Valanciunas went viral this week for a video clip in which he clowned Los Angeles Lakers star LeBron James. He said he doesnt have a lot of money but will offer me stock. Schultz obliged. Photo: Mar 23, 2018; Omaha, NE, USA; NBA former player Magic Johnson watches during the first half between the Clemson Tigers and the Kansas Jayhawks in the semifinals of the Midwest regional of the 2018 NCAA Tournament at CenturyLink Center. The rebuild he set in motion has the Lakers on a roll, with 22 wins and just three losses. So Magic made good on his word and stepped aside. Despite his tremendous success however, Johnson expresses one regret. As hard as it is to believe now, coffee used to be associated with cheapness. With an estimated valuation of $1 billion, MJE has invested in restaurants, entertainment venues and infrastructure projects. Johnson is also a part owner, through MJE, of the Los Angeles Dodgers, and served recently as the former president of basketball operations for the Lakers. . Copyright 2022 Endgame360 Inc. All Rights Reserved. For more market trends, visitETF Trends. Of course, Nike went public on December 2, 1980, and has since become a household name in sports, with an over $30 billion valuation, and a stock price of about $93 per share recently. Sports marketing executive Christina M. Francis, 50, who in January became president of Magic Johnson Enterprises, understands just how hard Johnson works. Valanciunas was playing a game, The Cleveland Browns are facing a potentially uncertain quarterback situation with a possible Deshaun Watson suspension on the way. These billion-plus dollar deals led to major sell-offs of assets and stock that provide him with yet more capital. Still, that rivalry defines Johnsons basketball career from college to the NBA. I never heard of stock at 19 years old, so I took the money, Johnson said. With that in mind, the organization apparently had at least some internal discussions about adding one notable veteran.

Johnson, whose net worth is estimated to be around $600 million, is the founder and CEO of Magic Johnson Enterprises (MJE). Johnson however, is an American success story, and understands the meaning of dedication to a craft, as hes demonstrated on and off the court. It is also probably safe to say that Johnson would have owned a whole lot more than just one share of Nike if he had accepted their offer back then. He has several cash-cow investments (including his ownership stake in the Los Angeles Dodgers and his investment company Magic Johnson Enterprises, which owns countless businesses and franchises). Johnson wasnt just an NBA player with money. Earvin Johnson clearly still has that magic touch. The Lakers legends relentless work ethic and shrewd eye for opportunity complete the picture of a man who has proved his worth in and out of sports. You know, usually [you think] I gotta take this cash! Man, I wouldve been a trillionaire by now. Other than that, Im vetting new business opportunities.. IEMG iShares Core MSCI Emerging Markets ETF, VEA Vanguard FTSE Developed Markets ETF, ETFs Future-Forward 2021: An iShares Investing Symposium, Diversify with an equal weight approach , Access innovative companies of today and tomorrow , Discover investing opportunities with ETFs , Can US municipal issuers navigate rising inflation rates? Johnson also got to star in some memorable Converse commercials with Larry Bird and other NBA stars. Converse was the big dog on the porch during those days, and even Jordan was seen as taking a risk when he signed with Nike five years later in 1984. And then this guy named Phil Knight came in, and Nike was only like one or two years old. In a recent chat with Texas high school football coaches, Smart, Lane Kiffin is one of the highest-paid coaches in college football, but that does not mean he wants his children showing total disregard for the value of a dollar. Johnson ultimately declined Knights offer with Nike in 1979 and instead signed with Converse. During a promotional appearance this week for McDonalds, the retired Los Angeles Lakers great shared his one enormous business regret choosing to sign with Converse over Nike in 1979. He noticed the growing trend of high-end coffee, exemplified by Starbucks. The NBA players, however, believed the emerging black and Latino middle class of the late 80s and early 90s would respond to Schultzs franchises, too. The mission statement was broad yet simple: Using Johnsons NBA and endorsement winnings, the firm would sift through opportunities to find innovative, lucrative concepts for investing. For more details, review our, pass on his business acumen to the next generation of NBA stars as well, Pelicans player mocks LeBron James in viral video, Report: Browns considered trade for 1 veteran quarterback, Dusty Baker shares the classy thing Shohei Ohtani always does to him, Leonard Fournette sends cryptic tweet amid unflattering reports, Kirby Smart makes surprising revelation about burnout, Video: Lane Kiffin had hilarious reaction to daughters spending spree. All it took was convincing the king of coffee to hear Johnson out. So Converse came in and offered me some money. Im like, Man, Michael Jordan wouldve been making me so much money.'. That means someone who purchased just one share at the time of Nikes IPO would own 128 shares today. Mandatory Credit: Kyle Terada-USA TODAY Sports, Lithuania is not a monarchy, so Jonas Valanciunas has no king. That has led to a healthy respect developing between the two. Since that fateful deal with Schultz, Johnson continues to engage in a range of diverse business opportunities. We work across all of our companies and support their business initiatives, work with what needs to happen with the Dodgers and the Sparks and others. Since then, Nike stock has split a total of seven times on a 2-for-1 basis each time. MJE tends to enter investments at opportune times like establishing 105 Starbucks locations and divesting when the value increases past a certain point. Johnson, who now has an estimated net worth of over $600 million, has also succeeded with many other business ventures.

You got your low-cost, watery cup of joe from a gas station or diner, and that was that. Schultz bet on coffee being something more. Converse Commercial with Magic Johnson, Isiah Thomas, Kevin McHale, Mark Aguirre, Bernard King & Larry Bird, Ballislife.com (@Ballislife) May 4, 2020. Were there to support them. Granted, it is tough to fault Johnson for his choice as he was just a teenager at the time. Once Johnson retired in 1991, he turned his full attention to MJE. So Johnson chose a more innovative route: He invited Schultz to an inner-city screening of the Whitney Houston blockbuster film Waiting to Exhale. You think about 1979, getting that stock then and what its worth today? The CEO was convinced that Starbucks could expand to inner-city locations under the right leadership. Johnson also coached the Lakers in 1994 and spent two years as the President of Operations. Johnson declined to join the company; instead, he founded a co-owned corporation with Schultz called Urban Coffee Opportunities. Earvin Magic Johnsonhas led a seemingly charmed life. Johnsons infamous decision was depicted during a recent episode of HBOs Winning Time. The Basketball Hall of Famer, who is being portrayed by actor Quincy Isaiah, was shown meeting with Nike co-founder Phil Knight. Converse came in and everyone at that time was wearing Converse because of Dr. J. I was 19 years old, just won that national championship after beating Larry Bird and I was about to sign a shoe deal. Before the 2018 season, he promised hed leave his position if the team failed to perform under his watch.

For the second act of his career, there is a similarly defining string of events. In 1987, the point guard founded an investment group, Magic Johnson Enterprises (MJE). The show ran a graphic estimating that Johnson cost himself $5.2 billion by turning down that offer. Francis gets to work at 6 a.m. and can be fielding calls from Johnson as late as 8 p.m. There are no typical days, she told the LA Times. The stores were located in upper-middle-class suburban areas and rich urban neighborhoods. On Tuesday, Baker revealed the classy gesture Ohtani, Leonard Fournette is facing some questions about his conditioning heading into training camp, but the veteran running back seems to think those will all be forgotten when the 2022 season begins. Now 62, Johnson has made sure to pass on his business acumen to the next generation of NBA stars as well. Tampa Bay Buccaneers reporter Rick Stroud said on his, Georgia coach Kirby Smart guided his team to a national championship last season, but by his own admission, he was ready to check out before the campaign even started. He found an enthusiastic crowd indulging in the hallmarks of Starbucks target audience: working people with expendable income. Los Angeles Lakers legend and Hall of Famer, Magic Johnson, has become well-known as a highly regarded entrepreneur.

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