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.
Should Nike continue to hemorrhage money, look for the company to drop Kaepernick like a bad habit.
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A Flag can not respond to insults. We can and that is what we are doing.
I voted no on the question above as I haven’t purchased anything NIKE since they started this crap. and you see NIKE all over the dang NFL, so I didn’t lie, it’s been a bad thing in my house for a few years now. and why would they want someone that was a kazillionaire ungrateful loser to rep them when it’s we middle class/lower class that keep their asses in business.
as a grad of u of Michigan and a club contributor i have asked u of Michigan not to wear nike unies or no mo donations
Nike,
WTF !!!???
Kaepernick ?
IS OBUMMER pulling your strings ?
This -ussy football player takes precedence over AMERICAN HEROES ?
Watch the swirl as it goes down the bowl…NIKE.
MAGA President Trump 2020 !!!
Opinion of a deplorable…
This is a hugh slap in the face for all Americans. A coward takes a knee and is rewarded with a big money contract. I will never buy Nike or anything they are associated with ag ain. I have this article in my office everyone who comes in gets a copy. The only thing this rich spoiled brat coward has done for this country is unify us by disliking him so much. On that we all agree. Instead of being a coward give all your millions away and really work or better put on a uniform and fight for freedom any moran can kneel
Believe in something? Hands up, don’t shoot, never happened in Ferguson , Mo. BLM based on a lie, as are all Democrat organizations, KKK, OWS, Antifa, BLM, DNC, etc..
In spite of his ideology, he is being used and explotied by the various factions and business moguls who want to make money. I’m afraid he is so full of himself he can’t or won’t see the light. Kap, you had your time on the fied but you will never end up a hero of any kind.
Whoever made this decision just sunk the company unless they pull this ad and get a positive ad going. Nike is so much more than just football gear and they are gonna take a hit across the board because of 1 unpatriotic protester.
Kaepernick gave nothing. Tillman gave all.
Right on Nike. Get your liberal socialist money from the capitalists that make you rich. BTW . an Iranian former President got into it supporting that wonderful athlete:
Mahmoud Ahmadinejad
✔
@Ahmadinejad1956
The #NFL season will start this week, unfortunately once again @Kaepernick7 is not on a NFL roster. Even though he is one of the best Quarterbacks in the league.#ColinKaepernick #NFL
2:40 PM – Sep 3, 2018
7,413
Good for him.
IF I was a shareholder I’d be demanding the firing of the idiot who made that decision.
and i feel so bad from a football player to a shoe salesman Colin – well done.
Looks like the American public is going to have Nike on its’ knees!
(Sarcasm) Oh, gee whiz! What a bummer! Maybe Nike should hire Hillary to help re-establish their credibility with us White Supremacists. (End Sarcasm)
Wow! What was Nike thinking? This is corporate narcissism! Like asking Hitler to participate at the groundbreaking ceremony for a local Jewish Community Center.
I see Colin Kaepernick as a hate America racist. I wouldn’t take a glass of water from him if I was dying of thirst. And now, I pretty much feel the same way about Nike. I will not, ever, buy another Nike product.
My son works for Nike and said the people here are spitting on the outlet doors.
Hey Nike, you may want to file for Bankruptcy FORTHWITH.
BIG MISTAKE, sorry for the stockholders.
Well if NIke really believes in what they are doing they should be willing to lose it ALL – isn’t that what the ad says? Now they are one or the other. It’s always best to think carefully before you choose sides. “Fools rush in when Angels fear to tread”.
nike market cap turns to krapernic.
Im was already done with NFL and I love a good football game. College only now. Now Im done with Nike, plenty of other shoes out there!!