Art student received tiny amount of money from Nike for iconic swoosh logo

Nike founder Phil Knight has received widespread praise online despite admitting to buying the Nike swoosh logo off a student for a measly amount.

The American multinational corporation - first founded on 25 January, 1964 - is best known for its range of sports clothing, shoes and, of course, iconic 'Swoosh' tick logo.

Nike has gone on to become worth a whopping $152.18 billion (£140.84 billion).

Knight, who founded the company alongside Bill Bowerman, has since revealed just how cheap the company bought its iconic trademark, but that the story does have a 'happy ending'.

On an episode of The David Rubenstein Show, Knight confirmed Nike had bought the logo for a grand total of $35 (£32.35).

He continued: "It was a graphic art student at Portland State who needed money.

"And we said, we'll pay you $2 an hour to practice. You know, to get some designs. And she spent 17-and-a-half hours on that."

However, fear not, because the student - Carolyn Davidson - didn't get ripped off.

The founder explained how when Nike went public, they gave Davidson '500 shares of stock'.

"She has not sold a single share. And it's worth over $1 million now," Knight added.

TikTokers have flocked to the clip to applaud Knight for further recognising Davidson's contribution to the corporation.

"The fact he gave her stock later on as a thank you is so wholesome," one user said.

Another wrote: "This is why he’s successful! He recognized her after his success."

A third commented: "That is really amazing that they have her that many stocks! Wow. That’s pretty awesome as they did not need to do that."

Despite how well-loved the 'Swoosh' logo designed by Davidson is - with many of the developments of the logo having not strayed far from the original design - upon first seeing the drawing, Knight wasn't the biggest fan.

At the time, he said: "Well, I don't love it, but maybe it will grow on me."

And indeed, the trademark has not only grown on him but the rest of the world too, with Nike having become the world's 'leading sports good manufacturer, distributor and marketeer'.

Davidson was given the 500 shares in stock in 1983. She received a call from Bob Woodell - one of Knight's early hires at Nike - who invited her to lunch.

The lunch turned into a surprise party for Davidson at Nike's offices in Washington County.

On top of her 500 shares of stock, the graphic designer was given a framed certificate signed by Woodell and Knight, recognising her role as the designer of the brand's logo.

Davidson was also gifted a gold ring in the shape of the 'Swoosh' with a diamond on it.

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