Blockbuster — Passed on Buying Netflix

Blockbuster CEO John Antioco rejected a $50 million offer to buy Netflix in 2000, laughing the founders out of the room. At its peak, Blockbuster operated 9,000 stores, but by 2010 it filed for bankruptcy as Netflix grew into a $150 billion streaming giant. This miscalculation cost Blockbuster 99.9% of its potential value—a worse strategic error than Nokia's, which at least retained some mobile phone sales, and 20% more destructive than Enron's fraud in value destruction.