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Magic Johnson Turned Down Phil Knight’s Nike Stock Offering In 1979

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In his first ever appearance on Ellen Degeneres’ long-running daytime talk show, Magic Johnson shared one of his biggest regrets as an uber-successful business man. It’s a regret that he said “still haunts me today”, and it takes us all the way back to 1979 – the year he was drafted first overall out of Michigan State by the Los Angeles Lakers.

“When I first came out of college, all the shoe companies came after me.” said Johnson. “And there was this guy Phil Knight, who just has started Nike. All the other companies offered me money, but they couldn’t offer me money because they’d just started.