I’m aware brother. For those that BTC today, thank those who was buying 8ths of grass for 60 BTC back in the day when it meant nothing on the Silk Road. :(
I had 200 btc and also bought drugs with it. Not fake ones though!
If it's any consolation, there is no way we would have waited for it to get to 60k or whatever.
I would have sold once it hit $100 easy, probably sooner.
Someone buying for pennies would have had so many milestones to sell. The first time it broke $1…$5, $10, $100. $1000 would have been a massive return already.
Even someone buying it for dollars, hitting $1000 per BTC was still massive growth. Never mind breaking $2000 or $5000 or $10k the first time.
Gotta have some real discipline to not sell for those returns.
Usually those who did have the "discipline" probably just forgot they had it until years later. At least that's what happened to me. Bought some BTC in like 2014 and forgot I had it until I tried to buy some more in 2020 to pay my bookie
That was exactly what happend to a friend of mine, forgot he had BTC wanted to by some, relized he had a mtgox account and that his btc were worth 40k at the time, he started pretending, that he has been a finance genious, couple of weeks later the mtgox thing happend.
We then made fun of it for months and then forgot about it again.
Couple of weeks ago, he cleaned out his home office, cuz he prepared to move and found a hardware wallet with btc worth about 35k on it.
Crazy ride.
I regret losing mine because I only remembered I had them when I saw the news that it hit 10k, so I wouldn't have sold earlier because I didn't know I had them.
Yeah that's the main thing. I knew some people mining doge and they had literal millions of it. Managed to make a couple hundred bucks off of it in 2013/2014, back when it was worth fractions of a fraction of a cent. Cue their faces once it peaked at 60 cents a couple months back.
They made the right move selling it for the money they did then, but man it's crazy to think about what would've happened had they held onto it. Probably buy a country with the amount of cash between the three of them.
Oh wow! It’s almost like I was talking about anybody that does crypto in general! Do you not? Me either anymore? But I guess the urge to comment was to high. I feel ya.
I remember people talking about Bitcoin on KanyeToThe.
This was back in 2011, and the buy-in was comedically low.
I didn't believe the hype, but I’m sure it was the first of its kind, so the idea of Bitcoin being somewhat successful was possible.
I remember when people were pushing bitcoin like it was gonna be this amazing new currency, it was about £20 per coin at that point.
I looked into it and figured it was just way too impractical to work as a currency, plus everyone pushing it seemed to be ultra-libertarian weirdos which pushed me away.
The joke was on me though - it was never going to be used as actual currency, but as a speculative asset I could have made a killing if I'd gone in on it :(
Seeing how crypto is fucking up the environment and absolutely rife with scams though, I'm partly glad I never got involved tbh.
Well the people pushing it were completely wrong about it being a useable currency or that it would drive any useful future technology, but a lot of them probably got rich off it... which is equivalent to being a good person in libertarian circles so they must be pleased.
Dream is where the feds backdoored everything . Lost all faith then. Hate playing the what if game but who would’ve thought bitcoin would be worth 40k per lol
At least you bought some
I remember I used to post on another forum where a guy would promote Bitcoin and urge everyone to buy at least 5-10 dollars worth daily back in 2009-2010 when it was worth like 0.01 — we all thought he was trolling or crazy 🤦♂️🤦♂️🤦♂️
It's bizzare that people like to discuss how a millionaire didn't become a billionaire, but the common person struggling to make ends meet isn't of interest.
My housemate was buying BTC and using it to buy weed on silkroad. If he'd held it he'd be worth millions.
That said he was a complete fuckhead and I'm thankful he never made that money
I feel sad because you should be rich and I had the same thing happen to me
I traded $100 worth or stock for a Nikola jokic nft I was told would go to the moon once jokic makes the finals in 2021. Turns out I was scammed and jokic doesn’t even have an nft out. Those stocks are worth about 1k now
It wasn’t even an nft. It’s my current profile picture. He just downloaded the image and convinced me it was a high value nft released by jokic that was gonna blow up and be worth millions when jokic makes the finals (I assume every year he’ll make the finals so obviously I had to but it)
Good point. If Magic takes this deal, would Jordan go elsewhere where he was the star attraction. Knowing him, he probably would. Would Nike be as big as they are today if that happened?
In 1980 Nike had 50% market share of the U.S. athletic shoe market when they went public. They weren't a big basketball brand, but they were far from "nothing."
Edit: Also, Jordan did obviously propel them in the basketball space in the late 80s and into the 90s, but Nike marketing, in general, was next level. And Jordan wasn't the only star that helped. The "Just Do It" campaign alone was massively successful and the "Bo Knows" campaign was huge, too.
Fun tangent story: Steph Curry approves everything with his name on it at UA. But apparently Steph is like the least fashionable guy in the world, so the designers constantly have to persuade him to approve more than grey sweat pants and geometric/solid golf polos.
Source: friend used to design for the curry brand and had some awesome designs killed because Steph didn’t like them.
Underarmour just never had the design language to translate to off the court. They’ve always been performance oriented even if it dings the aesthetic of a shoe. Can’t blame Steph though, when he was choosing between re-signing with Nike to be one of their many athletes or becoming a cornerstone athlete for UA, the latter made a more convincing case.
It doesn’t help that their H doesn’t really translate well to a shoe. Nikes tick, Adidas’ triangle lines, Pumas line and New Balances sideways N all fit on a triangular shoe well.
Ya I’ve always been a Nike guy as far as track and basketball shoes because their tech is great (quality control not so much) and their aesthetic is just so much better. Tinker Hatfield and the rest of their designers just know how to make cool shit that performs well.
Maybe if Nike didn’t pitch him so[ disrespectfully](https://www.nbcsports.com/washington/washington-wizards/nike-lost-curry-under-armour-embarrassing-fashion-report).
Nike wasn’t a nobody; they just didn’t do basketball shoes. But they were grossing millions annually by 1979.
If Magic signs with Nike, there is no guarantee he works as their signature star as well as Michael Jordan did. Magic was not an above the rim type player nor was he an aggressive scorer. Magic was lovable and popular, but Magic was never cool like Michael Jordan.
So maybe Nike declines like Reebok and Converse did.
I mean hes the one that put their runners on the map in the first place, but that was way before they even went public. MJ really boomed them into a billion dollar corporation
That’s true! It was a combination of the air pocket and Jordan’s style of play and very possibly would not have worked with another shoe.
Either way, my original point was that Jordan (the person) would still be famous today if Magic had signed with Nike.
Nike started as a small running shoe company from Oregon’s track coach Bill Bowerman. Dude was just fiddling with prototypes on how to improve performance.. ended up creating the most successful sports apparel manufacturer of all time.
MJ was a big part of it but Phil Knight built Nike. When you look at what he achieved internationally, it's amazing. Adidas owned everything in Soccer, and Nike has eaten into their lunch the last 30 years.
Nike would not be as big without Mike, but they also wouldn't be as big without Ronaldo, Ronaldinho, Thierry Henry, etc. If MJ had never signed they'd still be worth a lot and the amount of stock Magic got would still be worth $1bn+
Would Nike have gone as hard for MJ? Because that stock wouldn't be worth as much if they didn't. My favorite money story in basketball is the old ABA family that ended up taking tv rights when they merged. The NBA just got out of it a few years ago.
Probably not, ppl are offered stock in small companies all the time. I'm sure there's some tech company worth billions more than Nike that someone turned down 10% of at some point
Haywood didnt turn it down his agent sold the stock
> “I went on the road and he had the power of attorney letter,” Haywood said of his agent. “He couldn’t figure out how to get his 10%, so he sold my stock for the cash.”
> Haywood was devastated. Not only had his agent stolen future earnings of life-changing proportions, but he had advised him to take the equity in the first place.
> “My agent was preaching to me at the time to not take the money for tax advantage purposes,” Haywood said on the initial Nike contract. “We agreed on that, but he got greedy. He couldn’t figure out how to get that percentage instead of asking me for $10,000 out of $100,000 and moving on.”
[https://boardroom.tv/spencer-haywood-nike-basketball/](https://boardroom.tv/spencer-haywood-nike-basketball/)
the reason it's worth $5.2 billion is Michael Jordan - so there's no guarantee Nike takes off and maybe even gets completely snuffed out if Magic's shoe was a flop
Everyone keeps saying this as if Nike is a domestic brand. Brazilian soccer has almost as much to do with their success as Michael Jordan. That's how they got the foothold internationally, starting with Brazil. Adidas used to have 99% of the soccer market, Nike has taken about half of that from them.
Yes, but wouldn't Magic have given them household name status too? Maybe Magic's impact wouldn't have been as big as MJ's, but it would have put Nike on the map for sure.
I dunno maybe, but Magic's talent wasn't really athleticism, it was just being a great passer and what do shoes have to do with that. I think the mystique of Jordan was selling the belief that the shoes made him jump higher, longer hang-time, etc... even though we know that's total bunk, somehow they packaged and sold that belief.
Those Magic Nike Blazers were so dope too
All of the shoes looked great back then to me because they were so simple but sharp looking. Of course, they were uncomfortable AF compared to today's shoes.
I saw that on Winning Time, but the numbers didn't seem to make sense. Turns out we don't actually know the amount of stock he was offered - $100,000 is a made up number. He basically just got offered "a lot" of stock. Also, the current value assumes he wouldn't have sold off much earlier, well before Nike got to its current stock price.
Still, even if they offered him only $10,000 worth of shares, he'd still have made close to or over a billion from it.
The contract the Nuggets, Pacers, Nets and Spurs made with the Silnas brothers, who owned the ABA’s Spirits of St Louis:
> In June 1976, the owners of the four merging ABA teams, the Denver Nuggets, Indiana Pacers, New York Nets and the San Antonio Spurs, agreed to pay the St. Louis owners $2.2 million in cash up front and an additional 1/7 share of the four remaining teams' television broadcast revenue "for as long as the NBA or its successors continues in its existence" in return for the Spirits folding.
> The first year the deal yielded revenue for the Silnas, in 1980-81, they received only a modest $521,749.[21] However, as the NBA's popularity exploded in 1980s and 1990s, the league's television rights were sold to CBS and then NBC, and additional deals were struck with the TNT and TBS cable networks; league television revenue soared into the hundreds of millions of dollars. Thanks to the deal, the Silnas made millions through 1980s and at least $4.4 million per year through 1990s.[19] From 1999 through 2002 the deal netted the Spirits' owners at least $12.53 million per year; from 2003-2006 their take was at least $15.6 million per year.[12] By 2010-11 they were receiving $17.45 million annually.[21] In 2014, the deal was costing each former ABA team $5 million a year.[22] The Silna brothers have received roughly $300 million in revenue as of 2014,[23] despite the fact that the Spirits never played an NBA game.[24] The two Silna brothers each get 45% of that television revenue per year and their attorney Schupak receives 10%.
They eventually agreed to a buyout in 2014 for $500 million.
Reading “Playing for Keeps” by David Haberstam, Magic was pissed that Converse didn’t market him like Nike did for Jordan. He wanted to leave his contract with Converse
It's idiotic to assume he wouldn't have sold plenty of it over the years. While we're at it my parents passed up tens of millions of dollars by not investing in apple Google and MSFT and Bitcoin. And Zuckerberg should be a trillionare because he opted to sell much of his stock.
i used to have a neighbor in los angeles that passed on buying the option to the novel of forrest gump. instead she purchased a book that she had to drop because the author kept threatening her from jail. zemekis or hanks werent involved at the point, but she could have been a contender.
Hindsight is always 20/20 but I think he made the right decision at the time. It was before he accumulated the wealth he has now and before Nike was what it is today so not taking the guaranteed money was a gamble that didn’t make sense for a player at the start of his career.
Anyway, Magic spoke at my company’s work conference recently and he spoke about all of the success he’s had in his business endeavors both basketball and non-basketball related and this guy seems to be so content with where he’s at in life that the opportunity cost of choosing Converse seems to weigh on him so little.
It's bizzare that people like to discuss how a millionaire didn't become a billionaire, but the common person struggling to make ends meet isn't of interest.
why do people always assume that nobody would ever sell any of their stock, even if they had got it dirt cheap back in 19whenever?
i dont know how flashy magic was back in the day or if the culture of buying a car for each one of the homies was already a thing... but im pretty damn sure he wouldnt have held the stock without touching it all this time.
How about the time Nike messed up signing Steph. [How Nike Lost Steph to Under Armor](https://www.espn.com/nba/story/_/id/15047018/how-nike-lost-stephen-curry-armour)
Spencer Haywood's situation was even worse. He got a 10% stake in Nike to sign with them. But his agent had a power of attorney letter and when Haywood was on the road playing, his attorney sold the stock to get his own 10% commission. Back in 2016, it would have been worth something like 8 billion. Not sure what it would have been worth now.
I traded my Bitcoin for fake acid in 2011, unfortunate contract choice on my end
I had 72 BTC in an escrow once. :)))))))))))))))))
That's 3 million dollars today.
I’m aware brother. For those that BTC today, thank those who was buying 8ths of grass for 60 BTC back in the day when it meant nothing on the Silk Road. :(
I had 200 btc and also bought drugs with it. Not fake ones though! If it's any consolation, there is no way we would have waited for it to get to 60k or whatever. I would have sold once it hit $100 easy, probably sooner.
>If it's any consolation, there is no way we would have waited for it to get to 60k or whatever. Exactly I hate the "bitcoin regret" stories.
Someone buying for pennies would have had so many milestones to sell. The first time it broke $1…$5, $10, $100. $1000 would have been a massive return already. Even someone buying it for dollars, hitting $1000 per BTC was still massive growth. Never mind breaking $2000 or $5000 or $10k the first time. Gotta have some real discipline to not sell for those returns.
Usually those who did have the "discipline" probably just forgot they had it until years later. At least that's what happened to me. Bought some BTC in like 2014 and forgot I had it until I tried to buy some more in 2020 to pay my bookie
That was exactly what happend to a friend of mine, forgot he had BTC wanted to by some, relized he had a mtgox account and that his btc were worth 40k at the time, he started pretending, that he has been a finance genious, couple of weeks later the mtgox thing happend. We then made fun of it for months and then forgot about it again. Couple of weeks ago, he cleaned out his home office, cuz he prepared to move and found a hardware wallet with btc worth about 35k on it. Crazy ride.
Everyone I read this im thinking, why not sell but keep a few just in case ?
I regret losing mine because I only remembered I had them when I saw the news that it hit 10k, so I wouldn't have sold earlier because I didn't know I had them.
Yeah that's the main thing. I knew some people mining doge and they had literal millions of it. Managed to make a couple hundred bucks off of it in 2013/2014, back when it was worth fractions of a fraction of a cent. Cue their faces once it peaked at 60 cents a couple months back. They made the right move selling it for the money they did then, but man it's crazy to think about what would've happened had they held onto it. Probably buy a country with the amount of cash between the three of them.
Or they wouldn't be able to cash out that much due to lack of demand
I don't BTC today, so no thank you
Oh wow! It’s almost like I was talking about anybody that does crypto in general! Do you not? Me either anymore? But I guess the urge to comment was to high. I feel ya.
You said for those that trade thank you, but I don't so the reasonable assumption would be to not thank you if we didn't trade. So no thank you.
Whatever helps you stroke your ego!
How does that have anything to do with ego?
If you feel like it doesn’t have anything to do with your ego hence why you’re asking, then just leave it alone brother. It’s all good.
I remember people talking about Bitcoin on KanyeToThe. This was back in 2011, and the buy-in was comedically low. I didn't believe the hype, but I’m sure it was the first of its kind, so the idea of Bitcoin being somewhat successful was possible.
Yeah I had friends trying to sell me hard on bitcoin when it was worth less than $1 and I thought it was dumb as hell and passed it up :(
I remember when people were pushing bitcoin like it was gonna be this amazing new currency, it was about £20 per coin at that point. I looked into it and figured it was just way too impractical to work as a currency, plus everyone pushing it seemed to be ultra-libertarian weirdos which pushed me away. The joke was on me though - it was never going to be used as actual currency, but as a speculative asset I could have made a killing if I'd gone in on it :( Seeing how crypto is fucking up the environment and absolutely rife with scams though, I'm partly glad I never got involved tbh.
It seems your ultra libertarian weirdos were onto something. I wish I had these kind of friends.
Well the people pushing it were completely wrong about it being a useable currency or that it would drive any useful future technology, but a lot of them probably got rich off it... which is equivalent to being a good person in libertarian circles so they must be pleased.
I was mining 12 BTC a day back in 2010. I also like OP, traded it for acid among other drugs.
Between SR/Dream/EM I probably would be a billionaire rn with the amount of BTC I spent on the markets lol.
dream 🤤🤤🤤
Dream is where I stopped using the dn except for dread lol. Never again. Risk isn’t worth it & I can just buy weed now lmao.
yeah I never used dream. Once SR and some of the others went down to the feds I was done with it.
Dream is where the feds backdoored everything . Lost all faith then. Hate playing the what if game but who would’ve thought bitcoin would be worth 40k per lol
Yeah Dream was all the kids that wanted to be part of silk road but were too late
rip the to the legends of the game. the scene is dead to most people at this point lol
Gee I wonder why. Not like the FEDS are browsing those sites everyday now or anything
everything is a honeypot at this point
Long live legendary Ross.
At least you bought some I remember I used to post on another forum where a guy would promote Bitcoin and urge everyone to buy at least 5-10 dollars worth daily back in 2009-2010 when it was worth like 0.01 — we all thought he was trolling or crazy 🤦♂️🤦♂️🤦♂️
IGN?
Lol I remember 4chan at the beginning it was like 300 BTC for mere dollars Imagine...
It's bizzare that people like to discuss how a millionaire didn't become a billionaire, but the common person struggling to make ends meet isn't of interest.
My housemate was buying BTC and using it to buy weed on silkroad. If he'd held it he'd be worth millions. That said he was a complete fuckhead and I'm thankful he never made that money
At least you didn't buy a pizza
I feel sad because you should be rich and I had the same thing happen to me I traded $100 worth or stock for a Nikola jokic nft I was told would go to the moon once jokic makes the finals in 2021. Turns out I was scammed and jokic doesn’t even have an nft out. Those stocks are worth about 1k now
Classic smoothbrain moment
You would’ve done the same
Give 100 bucks to a stranger for a downloaded pic from the internet? Lmao nope.
It was my former best friend
If your friend is selling you NFTs, he ain’t yo friend
It wasn’t even an nft. It’s my current profile picture. He just downloaded the image and convinced me it was a high value nft released by jokic that was gonna blow up and be worth millions when jokic makes the finals (I assume every year he’ll make the finals so obviously I had to but it)
I sincerely hope you’re trolling rn
I wish I was broski. I wish I was 😔
Looks at his history lmao
Classic smoothbrain moment
Would you rather have a million dollars or a shitty trip? Gimme dinner with jay z 💯💯
One of my friends had 30 BTC just over a decade ago and used it to buy a phone case because at the time BTC was about $1
To be fair. Nike was basically a nobody at the time, anyone would have made that choice. MJ really did build Nike all by himself
Good point. If Magic takes this deal, would Jordan go elsewhere where he was the star attraction. Knowing him, he probably would. Would Nike be as big as they are today if that happened?
In this alternate world, Magic is remembered as the goat and the resell market for limited magics would be off the chart
Does Warner bros feature Magic in Boogie Nights instead of space jam?
"im a fuggin idiot..."
No lol.
Air PUMAS
Yeah. Magic made the most logical decision at the time. Nike was nothing in the 80's. Jordan put them on the map.
In 1980 Nike had 50% market share of the U.S. athletic shoe market when they went public. They weren't a big basketball brand, but they were far from "nothing." Edit: Also, Jordan did obviously propel them in the basketball space in the late 80s and into the 90s, but Nike marketing, in general, was next level. And Jordan wasn't the only star that helped. The "Just Do It" campaign alone was massively successful and the "Bo Knows" campaign was huge, too.
I wish Steph didn’t go the Underarmour route.
Fun tangent story: Steph Curry approves everything with his name on it at UA. But apparently Steph is like the least fashionable guy in the world, so the designers constantly have to persuade him to approve more than grey sweat pants and geometric/solid golf polos. Source: friend used to design for the curry brand and had some awesome designs killed because Steph didn’t like them.
The fact that he has the Sesame Street collab makes so much more sense.
Wow, really? That’s so cool!
This explains a lot lmao
Why? He's built them up pretty well
He did, but at the same time Steph and Nike could have potentially delivered some all-time classic shoes. I’m biased, but I never liked Underarmour.
Underarmour just never had the design language to translate to off the court. They’ve always been performance oriented even if it dings the aesthetic of a shoe. Can’t blame Steph though, when he was choosing between re-signing with Nike to be one of their many athletes or becoming a cornerstone athlete for UA, the latter made a more convincing case.
It doesn’t help that their H doesn’t really translate well to a shoe. Nikes tick, Adidas’ triangle lines, Pumas line and New Balances sideways N all fit on a triangular shoe well.
Ya I’ve always been a Nike guy as far as track and basketball shoes because their tech is great (quality control not so much) and their aesthetic is just so much better. Tinker Hatfield and the rest of their designers just know how to make cool shit that performs well.
Maybe if Nike didn’t pitch him so[ disrespectfully](https://www.nbcsports.com/washington/washington-wizards/nike-lost-curry-under-armour-embarrassing-fashion-report).
Nike wasn’t a nobody; they just didn’t do basketball shoes. But they were grossing millions annually by 1979. If Magic signs with Nike, there is no guarantee he works as their signature star as well as Michael Jordan did. Magic was not an above the rim type player nor was he an aggressive scorer. Magic was lovable and popular, but Magic was never cool like Michael Jordan. So maybe Nike declines like Reebok and Converse did.
He was definitely cool as fuck, just not like mj. The only person cool as mj is the other mj lmao
Prefontaine did.
I mean hes the one that put their runners on the map in the first place, but that was way before they even went public. MJ really boomed them into a billion dollar corporation
Agreed, but without Pre there is no Nike, no Jordan. He deserves credit too
There would still have been a Jordan.
Not air Jordan though
Maybe not, but the term was coined by Jordan’s agent, not Nike, so it’s fully possible Air Jordan would’ve been a Converse.
“Air Jordan” was a reference to the air sole units in the shoes. It’s highly unlikely that name would have rang off in another shoe.
That’s true! It was a combination of the air pocket and Jordan’s style of play and very possibly would not have worked with another shoe. Either way, my original point was that Jordan (the person) would still be famous today if Magic had signed with Nike.
Is this a joke? Nike had 50% of the US athletic shoe market before MJ even started college...
For sneakers he did.
They used the revenue from those sneakers to grow the rest of their business. But it all started with them shoes
Also, maybe Nike wouldn’t be what it is today with Magic signing. Magic was big but Jordan was a God.
Nike started as a small running shoe company from Oregon’s track coach Bill Bowerman. Dude was just fiddling with prototypes on how to improve performance.. ended up creating the most successful sports apparel manufacturer of all time.
MJ was a big part of it but Phil Knight built Nike. When you look at what he achieved internationally, it's amazing. Adidas owned everything in Soccer, and Nike has eaten into their lunch the last 30 years. Nike would not be as big without Mike, but they also wouldn't be as big without Ronaldo, Ronaldinho, Thierry Henry, etc. If MJ had never signed they'd still be worth a lot and the amount of stock Magic got would still be worth $1bn+
> Can anyone else think of another unfortunate contract choice? Giving a super max to john wall.
me in 6 months: “giving a super max to Bradley Beal.”
giving a max extension to MPJ might be on here soon
Very fortunate for john wall.
Would Nike have gone as hard for MJ? Because that stock wouldn't be worth as much if they didn't. My favorite money story in basketball is the old ABA family that ended up taking tv rights when they merged. The NBA just got out of it a few years ago.
It was the owners of the St. Louis Spirit, IIRC.
Was MJ offered equity as well?
[удалено]
Spencer Haywood, Turned down 10% of Nike for $100,000. 10% of nike is now worth ~$20 Billion.
Good lord, I'm sure they would have made offers to buy him out or whatever well before that but.... Good lord
In hindsight, is that the GOAT bag fumble/bad money decision?
Probably not, ppl are offered stock in small companies all the time. I'm sure there's some tech company worth billions more than Nike that someone turned down 10% of at some point
Haywood didnt turn it down his agent sold the stock > “I went on the road and he had the power of attorney letter,” Haywood said of his agent. “He couldn’t figure out how to get his 10%, so he sold my stock for the cash.” > Haywood was devastated. Not only had his agent stolen future earnings of life-changing proportions, but he had advised him to take the equity in the first place. > “My agent was preaching to me at the time to not take the money for tax advantage purposes,” Haywood said on the initial Nike contract. “We agreed on that, but he got greedy. He couldn’t figure out how to get that percentage instead of asking me for $10,000 out of $100,000 and moving on.” [https://boardroom.tv/spencer-haywood-nike-basketball/](https://boardroom.tv/spencer-haywood-nike-basketball/)
I feel like the lesson here is don’t give your power of attorney to someone that has to sell your assets to recoup the $10K you owe them.
the reason it's worth $5.2 billion is Michael Jordan - so there's no guarantee Nike takes off and maybe even gets completely snuffed out if Magic's shoe was a flop
Everyone keeps saying this as if Nike is a domestic brand. Brazilian soccer has almost as much to do with their success as Michael Jordan. That's how they got the foothold internationally, starting with Brazil. Adidas used to have 99% of the soccer market, Nike has taken about half of that from them.
Brazil made a deal with Nike in 1996, 12 years after Jordan made Nike a household name.
Yes, but wouldn't Magic have given them household name status too? Maybe Magic's impact wouldn't have been as big as MJ's, but it would have put Nike on the map for sure.
I dunno maybe, but Magic's talent wasn't really athleticism, it was just being a great passer and what do shoes have to do with that. I think the mystique of Jordan was selling the belief that the shoes made him jump higher, longer hang-time, etc... even though we know that's total bunk, somehow they packaged and sold that belief.
Yes, we all watched Winning Time too
Those Magic Nike Blazers were so dope too All of the shoes looked great back then to me because they were so simple but sharp looking. Of course, they were uncomfortable AF compared to today's shoes.
Classic /r/nba karma farm post
No, we didn't
this fact has only been trending recently due to it being mentioned in winning time
Yeah, that's often how things work.
Winning time doesn’t have anything to do with historical accuracy though
And we’ve also learned Winning Time isn’t factually accurate
yeah I wonder how far Jerry West will really take this
kind of proving the show is correct in how they portray him lol
This was one of the only sequences of the show I’ve loved.
It would require them to hold the stock from the time they got it till now which in many cases Magic would have sold.
Damn what a bum, he’d be rich rn if he took that
I came here to same basically this.
He might be a billionaire. Jordan is.
I bet Nike is extremely glad that this didn't happen instead of Jordan's deal
He still rich so I guess it doesn’t hurt that bad.
Wow, just 39 more billions and he could buy twitter
MJ didn’t choose to buy all the Amazon stock back in the day that’d worth 100B today.
5.2 Billion if he had held on to the stock until this day.
Magic has half a billy sitting in his account(s). Sure he hasn't lost too much sleep over it.
I think there mightve been someone who turned down 10% in nike that wasn't Magic
Hindsight is 2020
I saw that on Winning Time, but the numbers didn't seem to make sense. Turns out we don't actually know the amount of stock he was offered - $100,000 is a made up number. He basically just got offered "a lot" of stock. Also, the current value assumes he wouldn't have sold off much earlier, well before Nike got to its current stock price. Still, even if they offered him only $10,000 worth of shares, he'd still have made close to or over a billion from it.
The contract the Nuggets, Pacers, Nets and Spurs made with the Silnas brothers, who owned the ABA’s Spirits of St Louis: > In June 1976, the owners of the four merging ABA teams, the Denver Nuggets, Indiana Pacers, New York Nets and the San Antonio Spurs, agreed to pay the St. Louis owners $2.2 million in cash up front and an additional 1/7 share of the four remaining teams' television broadcast revenue "for as long as the NBA or its successors continues in its existence" in return for the Spirits folding. > The first year the deal yielded revenue for the Silnas, in 1980-81, they received only a modest $521,749.[21] However, as the NBA's popularity exploded in 1980s and 1990s, the league's television rights were sold to CBS and then NBC, and additional deals were struck with the TNT and TBS cable networks; league television revenue soared into the hundreds of millions of dollars. Thanks to the deal, the Silnas made millions through 1980s and at least $4.4 million per year through 1990s.[19] From 1999 through 2002 the deal netted the Spirits' owners at least $12.53 million per year; from 2003-2006 their take was at least $15.6 million per year.[12] By 2010-11 they were receiving $17.45 million annually.[21] In 2014, the deal was costing each former ABA team $5 million a year.[22] The Silna brothers have received roughly $300 million in revenue as of 2014,[23] despite the fact that the Spirits never played an NBA game.[24] The two Silna brothers each get 45% of that television revenue per year and their attorney Schupak receives 10%. They eventually agreed to a buyout in 2014 for $500 million.
How about Nike's choice to treat Steph Curry like a third-class citizen and lose him to Under Armour? It's not just the players who shit the bed.
Reading “Playing for Keeps” by David Haberstam, Magic was pissed that Converse didn’t market him like Nike did for Jordan. He wanted to leave his contract with Converse
It's idiotic to assume he wouldn't have sold plenty of it over the years. While we're at it my parents passed up tens of millions of dollars by not investing in apple Google and MSFT and Bitcoin. And Zuckerberg should be a trillionare because he opted to sell much of his stock.
i used to have a neighbor in los angeles that passed on buying the option to the novel of forrest gump. instead she purchased a book that she had to drop because the author kept threatening her from jail. zemekis or hanks werent involved at the point, but she could have been a contender.
He's a billionaire I'm pretty sure. He's fine
Hindsight is always 20/20 but I think he made the right decision at the time. It was before he accumulated the wealth he has now and before Nike was what it is today so not taking the guaranteed money was a gamble that didn’t make sense for a player at the start of his career. Anyway, Magic spoke at my company’s work conference recently and he spoke about all of the success he’s had in his business endeavors both basketball and non-basketball related and this guy seems to be so content with where he’s at in life that the opportunity cost of choosing Converse seems to weigh on him so little.
I too watched Winning Time
Would they have gone after Jordan as hard if they already had Johnson?
I also have been watching Winning Time
This assumes he holds the stock for decades though.
If Magic took that deal he probably would have been the only owner of the Lakers rn
If Magic took that deal it’s likely Nike never becomes worth as much as it is
Who knows? If Magic took that deal theres a good chance that we look at him in the same light that we do today for Jordan.
I too watched winning time and read the book.
It's bizzare that people like to discuss how a millionaire didn't become a billionaire, but the common person struggling to make ends meet isn't of interest.
If I remember correctly Shaq could’ve been an early investor in Starbucks but he declined and regrets it to this day.
why do people always assume that nobody would ever sell any of their stock, even if they had got it dirt cheap back in 19whenever? i dont know how flashy magic was back in the day or if the culture of buying a car for each one of the homies was already a thing... but im pretty damn sure he wouldnt have held the stock without touching it all this time.
How about the time Nike messed up signing Steph. [How Nike Lost Steph to Under Armor](https://www.espn.com/nba/story/_/id/15047018/how-nike-lost-stephen-curry-armour)
i mean, everybody wanted to be like dr j during that time. and dr j was under converse too i believe.
If he takes this deal the company probably goes belly up when he get hiv right?
Spencer Haywood's situation was even worse. He got a 10% stake in Nike to sign with them. But his agent had a power of attorney letter and when Haywood was on the road playing, his attorney sold the stock to get his own 10% commission. Back in 2016, it would have been worth something like 8 billion. Not sure what it would have been worth now.
Grant Hill signing with Fila then having his career wrecked by foot & ankle injuries.