NBA icon Magic Johnson has amassed a massive fortune off the court — accumulating an estimated wealth of $680million.
Yet, the former Los Angeles Lakers superstar passed on a business deal at the start of his career that’s costing him $5.2billion and counting.
![NBA legend Magic Johnson won a championship in his first season with the Lakers in 1979](https://www.the-sun.com/wp-content/uploads/sites/6/2023/07/forward-magic-johnson-32-los-831562634-1.jpg)
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NBA legend Magic Johnson won a championship in his first season with the Lakers in 1979Credit: Getty
![After his rookie season, Johnson turned down a Nike deal that would've netted him $5.2billion and counting](https://www.the-sun.com/wp-content/uploads/sites/6/2023/07/user-expressly-acknowledges-downloading-using-831562648.jpg)
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After his rookie season, Johnson turned down a Nike deal that would’ve netted him $5.2billion and countingCredit: Getty
Drafted first-overall pick by the Lakers in 1979, the 6-foot-9 Johnson became an instant star, helping the team win an NBA title in his rookie season alongside Kareem Abdul-Jabaar.
He would go on to win four more championships and three MVPs as he spent 14 seasons in Los Angeles.
In January, Magic appeared on the All The Smoke podcast and discussed the business offers he received after his first championship run.
The 63-year-old Johnson spoke on the fact he was given offers in 1980 from three companies — Converse, Adidas, and Nike.
The NBA Hall of Famer then recalled the fact he denied a Nike deal in favor of Converse.
He said: “Nike was just a year or two old. And so, Converse offered me the most money. So, you know, when you grow up broke, you take the money.”
Magic then went into further detail on why he chose Converse over Nike when he was 20 years old.
“Phil Knight (Nike co-founder) came in (and) said, ‘Hey I can’t offer you the same type of money, but I can offer you stock.”
“I wasn’t (trying to hear that) and I didn’t know nothin’ about it.”
“My family didn’t come from money.
“That’s one thing that hurts us sometimes when you don’t come from money.
“I didn’t even know what stocks were at that time… so I passed on the stocks.”
Nike shares have now surged by over 70,000 percent since 1979 when the offer was made.
According to Cassius, Nike offered Johnson $1 for every pair of shoes sold and 100,000 shares of the company’s stock at $0.18 per share.
“Can you imagine 45 years, $5 billion (is what) that stock would have been worth today,” the NBA legend added.
Magic would still negotiate a $460,000 deal as a rookie, which was a record at the time.
On the court, he earned close to $40million from his Lakers contracts.
After Johnson’s NBA career, he formed Magic Johnson Enterprises, which is estimated by Pompliano to have holdings in excess of $1billion.
He has also invested in the Lakers and other Los Angeles sports clubs including soccer team LAFC, the Sparks, and the Dodgers.
Despite his immense wealth, Magic is behind basketball legends Michael Jordan and LeBron James on the NBA rich list.
Both MJ and LeBron have officially been declared billionaires by Forbes.
![Johnson went on to win four more titles and three MVP awards](https://www.the-sun.com/wp-content/uploads/sites/6/2023/07/user-expressly-acknowledges-agrees-downloading-831562775-1.jpg)
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Johnson went on to win four more titles and three MVP awardsCredit: Getty
![Despite taking a Converse shoe deal over Nike, Magic still has a net worth of $680million](https://www.the-sun.com/wp-content/uploads/sites/6/2023/07/NINTCHDBPICT000831562580-1.jpg)
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Despite taking a Converse shoe deal over Nike, Magic still has a net worth of $680millionCredit: Getty
OLA and James Jordan looked stressed as they were spotted for the first time since being accused of bullying celebs on Strictly.
The couple appeared dejected as they visited a McDonald's with their four-year-old daughter Ella.
![Strictly's James Jordan looked stressed during an outing today](https://www.thesun.co.uk/wp-content/uploads/2024/07/2014-reports-indicate-steve-complained-919237321.jpg)
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Strictly's James Jordan looked stressed during an outing todayCredit: MJ-Pictures.com
![He and his wife Ola were spotted for the first time since being accused of bullying celebs on the show](https://www.thesun.co.uk/wp-content/uploads/2024/07/2014-reports-indicate-steve-complained-919237319.jpg)
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He and his wife Ola were spotted for the first time since being accused of bullying celebs on the showCredit: MJ-Pictures.com
![The couple appeared dejected as they visited a McDonald's](https://www.thesun.co.uk/wp-content/uploads/2024/07/2014-reports-indicate-steve-complained-919239379.jpg)
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The couple appeared dejected as they visited a McDonald'sCredit: MJ-Pictures.com
![James recently scoffed at claims his wife bullied Steve Backshall](https://www.thesun.co.uk/wp-content/uploads/2024/07/2014-reports-indicate-steve-complained-919237324.jpg)
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James recently scoffed at claims his wife bullied Steve BackshallCredit: MJ-Pictures.com
It comes after dancer James 46, was forced to hit back after a clip of him calling his celeb partner "fat" went viral online while wife Ola, 41, was accused of bullying dance partner Steve Backshall.
Heading out today, Ola kept things casual in a brown sweatshirt and camel shorts while James opted for a stone top and khaki shorts.
Former CBB housemate James was seen wiping his eyes while making his way into the fast food restaurant.
The BBC show is facing its biggest crisis as more celebrities share horror stories from behind the scenes.
![](https://www.thesun.co.uk/wp-content/uploads/2024/07/newspress-collage-lo8zg63m9-1721667574323.jpg?1721671234&strip=all&w=360&h=240&crop=1)
TV wildlife presenter Steve, 51, had lodged a complaint with the BBC against Ola back in 2014.
The celeb said he'd found his dance partner to be "rude and impatient" which undermined his confidence.
Ola has yet to respond, but her husband took to Instagram and shared a sarcastic tweet from a Strictly fan this week.
It jokingly suggested that James has been living in fear of his wife.
The person tagged Ola and James, writing: "@The_OlaJordan stands 5'4" tall and weighs the same as a Pringle packet, she can reduce hardened explorers to tears.
"She's the dance floor assassin @bbcstrictly and we need a fund me page for poor @The_JamesJordan who must live in terror daily."
James Jordan and Georgina Bouzova dance together on Strictly Come Dancing
James shared a screenshot of the tweet on his Instagram Story and wrote over the top: "Please!!! Someone help me" alongside a distressed face emoji.
The Sun contacted Ola's representatives for comment at the time.
It is understood that Steve complained directly to a Strictly producer after their Halloween-themed Charleston.
Following this, bosses called Ola in for a meeting and agreed that she and Steve would be accompanied at all times while they remained in the competition.
At the time, Steve spoke about the physical demands of the series.
He told the Daily Mail that he was unable to point the toes of his left foot due to a fused ankle from a near-fatal climbing accident in 2008.
The action star revealed he was in "constant pain" during training and took painkillers every day.
He said: "It has absolutely broken me. You are training all day long on hard wooden floors wearing dance shoes that have no give in them at all, and no cushioning.
"The impact travels straight all the way through my body and I'm just falling apart."
On Friday, James spoke out about a video of him calling his celeb partner Georgina Bouzova "fat".
The former show star was seen raging at Georgina as they argued in rehearsals back in 2006.
But James said he has never had complaints from his Strictly co-stars in eight years of being on the show.
![](https://www.thesun.co.uk/wp-content/uploads/2024/07/newspress-collage-eedfkwm8a-1721816820798.jpg?1721820434&strip=all&w=360&h=240&crop=1)
![](https://www.thesun.co.uk/wp-content/uploads/2024/07/summer-beach-landscape-kalkan-turkey-914887690.jpg?strip=all&w=360&h=240&crop=1)
Strictly Come Dancing's bullying crisis was sparked earlier this year when Amanda Abbington, 50, complained about dancer Giovanni Pernice, 33, who has since been suspended.
Earlier this month, fellow professional Graziano Di Prima, 30, was fired by the BBC following claims he hit, spat at and kicked former celebrity partner Zara McDermott, 27, during rehearsals.
![James kept things casual in a stone t-shirt](https://www.thesun.co.uk/wp-content/uploads/2024/07/2014-reports-indicate-steve-complained-919237314.jpg)
8James kept things casual in a stone t-shirtCredit: MJ-Pictures.com
![Their daughter Ella, four, joined them for the meal out](https://www.thesun.co.uk/wp-content/uploads/2024/07/2014-reports-indicate-steve-complained-919239158.jpg)
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Their daughter Ella, four, joined them for the meal outCredit: MJ-Pictures.com
![Ola appeared to have her hands full with children's toys](https://www.thesun.co.uk/wp-content/uploads/2024/07/2014-reports-indicate-steve-complained-919237404.jpg)
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Ola appeared to have her hands full with children's toysCredit: MJ-Pictures.com
![The family dined outside](https://www.thesun.co.uk/wp-content/uploads/2024/07/2014-reports-indicate-steve-complained-919237449.jpg)
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The family dined outsideCredit: MJ-Pictures.com
![](https://1067wjjy.com/wp-content/uploads/2023/01/e_jimmy_kimmel_george_clooney_01192023.jpg)
Hollywood, CA - Late-night television host Jimmy Kimmel is reeling from a staggering $500 million in lost brand deals following a controversial episode of "Jimmy Kimmel Live!" featuring actor and political activist George Clooney. The financial repercussions have been swift and severe, affecting both Kimmel's show and sparking a wider debate on the intersection of celebrity, politics, and media responsibility. Last month, an episode of Kimmel's show became a hotbed of controversy when Clooney, known for his outspoken political views, made remarks that many deemed inflammatory. His critiques of current political figures and policies led to a heated discussion with Kimmel, which some viewers felt crossed the line from entertainment to political advocacy.
The episode quickly ignited a firestorm of reactions on social media, with opinions ranging from fervent support to outraged condemnation. Many viewers felt alienated by the political tenor of the conversation, leading to calls for boycotts and significant backlash from various sectors of the entertainment industry. The immediate fallout was palpable. Major brands that had long-standing partnerships with "Jimmy Kimmel Livel" began to sever ties, citing concerns over the divisive nature of the content and the potential negative impact on their brand image. According to industry analysts, the cumulative value of these lost deals is estimated at $500 million. This figure includes both current contracts that were terminated and future agreements that were canceled or put on hold indefinitely.
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Brands pulling out span multiple sectors, including consumer goods, automotive, and technology. One prominent company released a statement explaining their decision, emphasizing the need to maintain a positive and inclusive brand image. "While we value creative freedom and diverse perspectives, our partnership decisions are guided by our commitment to maintaining a brand that resonates positively with a broad audience," the statement read. The incident has far-reaching implications for the entertainment industry, particularly regarding how late-night television navigates political content. Traditionally a domain for humor and lighthearted commentary, late-night TV has increasingly evolved into a platform for political discourse. This shift offers both opportunities and challenges: it allows for meaningful engagement with societal Issues but risks alienating viewers who prefer their entertainment apolitical or hold differing political views. Kimmel's experience highlights the delicate balance media personalities must strike. The fallout from the Clooney episode underscores the risks associated with delving deeply into contentious political topics.
In response to the controversy, both Kimmel and Clooney have addressed the situation publicly. Kimmel expressed regret, emphasizing that the primary goal of his show remains entertainment. "I deeply regret the impact this has had on our partners and our audience, Kimmel stated. "While we aim to engage with important topics, it is clear that we must be mindful of how we do so." Clooney defended his right to voice his political views but acknowledged the fallout from his comments. "I believe in using my platform to advocate for what I believe in," he said. "However, I understand the ramifications of my words and the importance of context. I never intended to cause harm." As Kimmel and his team face the challenge of rebuilding relationships with brands and restoring viewer trust, industry insiders suggest that a reevaluation of their approach to political content may be necessary. Striking a balance that engages audiences without becoming polarizing will be crucial for the future of "Jimmy Kimmel Live!"
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As Kimmel and his team face the challenge of rebuilding relationships with brands and restoring viewer trust, industry insiders suggest that a reevaluation of their approach to political content may be necessary. Striking a balance that engages audiences without becoming polarizing will be crucial for the future of "Jimmy Kimmel Live!"
The controversy serves as a stark reminder of the powerful influence of media personalities and the potential consequences of their actions. The $500 million loss in brand deals highlights the high stakes involved in late-night television and the Intricate balance that must be maintained between entertainment and political commentary. As Kimmel navigates these turbulent waters, the industry will be closely watching to see how he and his team adapt and what lessons emerge for the future of late-night television.