The Nike logo was actually designed by a student who was paid $35. In 1971, Phil Knight, one of the founders of Nike, was teaching an accounting class at the university. A design student, Carolyn Davidson, was working part-time to save money to pay for her favorite oil painting class, so Phil offered her $2 an hour for her work. Rowling designed a logo for her company as a freelance job. It took 17.5 hours and she was paid $35. Phil described the logo as a "lively symbol" and gave it to Caroline in September 1983. With a diamond-encrusted Nike logo ring and undisclosed shares of Nike stock, Caroline claimed she was not a millionaire but was now living a comfortable life.