The Nike sportswear company has lost so much value that it’s getting tossed out of the S&P 100 stock index charting the top 100 U.S. businesses.
The company was mocked by many on the right over its marketing campaigns featuring controversial quarterback Colin Kaepernick and transgender activist Dylan McDermott.
‘NIKE filled its executive positions with feminists and woke ideology advocates. … Companies that embrace femicentric ideologies and DEI buls**t will always suffer.’
Nike has lost about $200 billion in market valuation since reaching its highest value in 2021.
The company’s CEO, Elliott Hill, said that he was confident the company could reverse the downturn in a recent earnings call with investors.
“Overall, the results aren’t there yet,” he admitted.
Many on the right called for a boycott of Nike products after the company signed up Kaepernick to promote the brand while he continued to bash police and support the “Black Lives Matter” movement.
The company also partnered with McDermott to push the transgender agenda.
“Well, Nike sure owned the floor. And busted right through it. Get woke, go broke,” wrote Spencer Pratt about one of the company’s ads.
“Bye Bye Nike. Your WOKE arrogance caught up with you and you will not be missed. Please share the hard learned message with your NFL, NBA, MLB brethren and WNBA sisters,” responded Rep. Burgess Owens (R-Utah).
“NIKE filled its executive positions with feminists and woke ideology advocates. Its stock has been plummeting. Companies that embrace femicentric ideologies and DEI buls**t will always suffer,” said another critic on X.
“I’ve said many times: I will never buy another Nike product again in my lifetime after they shoved that anti-American a**hole Kaepernick in our faces,” said one detractor.
Nike had been included among the S&P 100 for 18 years.
RELATED: Mike Rowe speaks out about Nike’s Kaepernick ad, and it’s powerful
Others pin Nike’s implosion on the shift in sales strategy to sell shoes directly to the consumer. That campaign was orchestrated by the previous CEO, John Donahoe.
The company’s stock has slid 53% since Hill took over after Donahoe.
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