Nike Loses $3.75 Billion Market Cap After Kaepernick Announcement

The Political Insider ^ | September 4, 2018 | Jim E

[gattaca]

It just went from bad to worse for Nike.

The iconic sports equipment brand took a big risk by employing Colin Kaepernick for its new ad campaign. And it’s not just because Kaepernick – who hasn’t seen any professional action in over a year – insulted the American flag with his protest against police brutality. It’s also because the tagline of the campaign (“Believe in something. Even if it means sacrificing everything.”) is a direct insult to those who have served their country, and have given everything for it. (RELATED: After Nike Kaepernick Ad Outrage, Social Media Focuses on Pat Tillman.)

Believe in something, even if it means sacrificing everything. #JustDoIt pic.twitter.com/SRWkMIDdaO — Colin Kaepernick (@Kaepernick7) September 3, 2018

This morning we reported that Nike’s stock price took a hit shortly after the ad campaign launched. (RELATED: Nike Stock Goes Turbulent as Fans Boycott Brand After Kaepernick Promotion Announcement.) But now we’re learning that the repercussions of using Kaepernick to sell sweatshop-made sneakers are even worse.

The Wrap reports that Nike just lost billions in its market cap evaluation:

Nike just lost about $3.75 billion in market cap after announcing Colin Kaepernick as the new face of its “Just Do It” ad campaign. It’s the 30th anniversary of the iconic TV and print spots. At the time of this writing, the sneaker company’s intra-day market capitalization was $127.82 billion. On Friday, that number had been $131.57 billion.

.@Nike Loses $3.75 Billion in Market Cap After Colin Kaepernick (@Kaepernick7) Named Face of ‘Just Do It’ Ads$NKE #JustDoIt https://t.co/E6EAt5LzSU pic.twitter.com/yu54s3qsLw — TheWrap (@TheWrap) September 4, 2018

Now, there’s a chance this drop is temporary. Nike could weather this storm after the controversy.

But, then again, the NFL never did recover in ticket sales since the “take the knee” protest wore on throughout last year’s season. (RELATED: NFL Sunday Night Football Ratings Down After National Anthem Protests.) People remember their loyalties. And many in this country remain loyal to America and her flag, despite their own personal opinions toward football.

[adorno]

I’m an Asics girl, anyway.

You were never important to Nike anyway. But, I'm assuming that Nike is not in your future considerations for sports gear.

Me? I've only owned a couple of Nike shoes in my life, but then, I'm never going to consider anything at all from them, and won't ever gift anything from them to anybody in my life.

[Noumenon]

I’m a Keen and Carhartt guy anyway. Eff ‘em.

[PA-RIVER]

My wife was informed today, no Nike purchases are allowed, Any Nike apparel that comes into this house will go into the trash, even new items.

We dont support Antifa or cop killing, so GFY Nike.

[EnglishOnly]

Well, forget Nike in my house.

I’ll never open my wallet to purchase anything Nike.

Same goes (again) this year for the NFL.

I would rather watch Soccer.

[HotHunt]

".... Stupidity deserves the price that such idiocy demands....."

Great line. Can I steal it? :-)

[GOP Poet]

I also received an advertisement email today for Adidas. I doubt that was unintentional. I thought it was brilliant. All major athletic shoe makers should be putting their brands and product more aggressively to the forefront right now ;D

[GOP Poet]

Amen to that. I’m historically a big Nike purchaser. They will be getting no more money from me.

[laweeks]

Hope they go under.

[GOP Poet]

Well the good news is just over the weekend it cost them $3.75 billion. The week is young ;D.

[GOP Poet]

haha. love this!! :D

[GOP Poet]

Also leaves a nice visual. :)

[Chickensoup]

I understand that the NFL also loses because they have some sort of agreement with NIKE>

[faithhopecharity]

Good for you! And thanks

[laweeks]

Remeber when you had just regular shoes and "gym shoes?"

[MayflowerMadam]

Unfortunately, HIS parents support their (adopted) spawn. They can all go to hell.

I hope stockholders file a class action lawsuit against Nike for their considerable losses. And I hope one of them asks, “Which one of you cretins thought this would be a good idea?”

[Osage Orange]

Elway said...he offered KC a backup QB position...and KC declined it.

[GOP Poet]

Oh nice!!!! :D A twofer!!!

[centurion316]

Of course. Regards

[E. Pluribus Unum]

Nike sucks, but +/-2.85% is noise.

Stock prices rise and fall. No big surprise.

[PA-RIVER]

Stupid is, as Nike does.

And just like that, Adidas stock grew 50 percent.

My Momma always told me, never promote your product with a Marxist, America hating bastard, famous for wishing cops to be dead, and who sat on his ass during the national anthem to disrespect our troops.