Michael Jordan is the greatest basketball player ever, but his business sense is just as good as his talent. Jordan has amassed a net worth of over $2 billion and he’s done that by making excellent financial decisions.
The amount of money NBA players earned changed drastically thanks to Michael Jordan. He took the league to the next level. And he maximized the money he made from it too, with one of his ideas also helping out Charles Barkley massively.
“We both go to Nike. They signed Michael and me,” Charles Barkley recounted on the Steam Room podcast. “Michael gave me great advice. He said, ‘Hey man, why do you need all that money?’ I was like, ‘Dude what are you talking about?’
“He said, ‘I was looking at your contract and you are making $3 million. Tell Nike you want one million and the rest in stock options.’ It is a good idea if they (Nike) will be great. I actually made probably 10 times the amount of money because it split… If I remember correctly, I got those options at $35 and they split over a 100, probably 10 times since 1984-85.”
This shrewd advice goes to show what a visionary Michael Jordan was, and also how much belief he had in himself. Nike wasn’t a huge company in the 1980s, and they truly exploded onto the scene in large part thanks to Michael Jordan. Magic Johnson had a similar option, but he didn’t take it, hilariously lamenting later that he could have been a trillionaire right now if he had just taken the stock.
Michael Jordan’s Nike Success Story Is Truly Incredible
No athlete in the modern era has enjoyed the kind of aura that Michael Jordan did in the 1980s and 90s, except for maybe Cristiano Ronaldo. And Jordan was the blueprint for the modern superstar, he paved the way. His success with Nike started in his first year with the company, with his shoes outselling their expectations by over $120 million.
Michael Jordan got his brand under Nike, and the Jordan Brand is now raking in billions of dollars in revenue. Charles Barkley has profited from this, considering the stock that he took as a part of his deal. The two may not be on the best of terms now, but it’s safe to say that MJ’s advice made Barkley significantly richer.
Source: fadeawayworld
