The Life and Culture of Kicks

In Sneaker News: Phil Knight Getting His Retirement Ready – Sells His Nike Stock

I read this in Newsday (a NYC newspaper) and on the Huffington Post. I’m not mad at this. The guy is like in his 90’s or something lol so why not start taking out his money so he can do his thing? I know people are gonna get mad that he is taking his stock out of his company. “Doesn’t he believe in his company anymore?” I can see someone saying or maybe “He’s just etting rich like all those other CEO’s”.

What I say is what exactly would you do? You start a company, you spend 60-70 hour weeks, end up in debt to investors and lay most of the money you have on the line endorsing your first athlete (you know him… Micheal Jordan), so I think after retiring almost 3 years ago, he can take his money out and start investing other things AND put his money in the bank.

The 70-year-old Nike founder has done hundreds of separate stock sales since mid-April, collecting $1.05 billion – well ahead of his $780 million cash-out of shares in 2007. That’s the year he placed 14th in Vanity Fair’s ranking of windfalls made by the rich from selling stock or family empires.

At Knight’s current pace of selling his shares, the one-time track star at the University of Oregon is likely to pass reigning cash-out king Bill Gates, who topped Vanity Fair’s windfall rankings last year at $2.8 billion in stock sales.

Source: Huffinton Post and the AP

Now that is a good look. Makes you think to yourself how can I make the millions?

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