Magic Johnson Reflects on Early Career Mistakes Amid Business Success

Magic Johnson has reflected on key moments and lessons from his journey to financial success, emphasizing the importance of education about equity and stock ownership, especially for Black individuals. Early in his career, he chose an immediate cash offer from Converse over stock from Nike, which he later learned would have been worth $1.5 billion. He also acknowledged missing the opportunity to own part of Michael Jordan's Air Jordan brand, underscoring the value of financial literacy and generational wealth education. Johnson shared that his business acumen began even while playing in the NBA, recalling a pivotal moment when he asked two executives courtside how to get into business, leading to mentorships that helped build his fortune. Additionally, Johnson discussed the strategic decision to hold onto the WNBA's Los Angeles Sparks franchise despite early losses, which is now appreciating significantly in value. These experiences illustrate Johnson's evolution from a star athlete to a savvy businessman focused on ownership and long-term financial growth.