Nike made a controversial decision of making NFL anthem kneeler Colin Kaepernick a face of their brand. It has backfired and Nike’s stock prices have plummeted. The drop in stock price has cost the company around $4 billion.
According to Zero Hedge:
Since announcing their new advertising campaign will be led by Colin Kaepernick, the social media backlash has dominated the virtue-signaling efforts we presume they hoped for.
With images of Nike apparel and footwear being burned and real sacrifice being discussed, it appears investors are growing disillusioned as NFL fans as Nike shares are down over 3% in the pre-market.
On a side note, it appears Twitter has decided that snowflakes are just not prepared to see a pair of sneakers on fire and have attached a warning note to the previous tweet…
That is a loss of over $4 billion in market capitalization since the market close on Friday…
Nike joins a long list of other companies who took a political stand and paid a price for it. It still remains to be seen what the overall effect on the company will be.