Nike stock shares and market capitalization plummeted significantly on Tuesday after the athletic titan announced that a controversial former NFL player would be the face of its main advertising campaign.
“Nike just lost about $3.75 billion in market cap after announcing free agent NFL quarterback Colin Kaepernick as the new face of its ‘Just Do It’ ad campaign,” according to The Wrap. “It’s the 30th anniversary of the iconic TV and print spots.”
Market capitalization is the value of the shares of a company’s outstanding shares.
“At the time of this writing, the sneaker company’s intra-day market capitalization was $127.82 billion, The Wrap said. “On Friday, that number had been $131.57 billion.”
Shares of Nike stock plummeted nearly 4% Tuesday morning before stabilizing throughout the afternoon.
Kaepernick is at the center of a heated debate regarding respect for the National Anthem. He started a movement of kneeling during the Anthem in 2016 which he says is to raise awareness about maltreatment of black Americans by police. Several players joined Kaepernick in the protest, and some are still kneeling for the Anthem at the beginning of the 2018 NFL season.
The free agent quarterback, who opted out of his contract with the San Francisco 49ers in August of 2016 and has been jobless ever since, announced his lead role as Nike marketer with a Twitter post on Monday.
— Colin Kaepernick (@Kaepernick7) September 3, 2018
Both the protest and the new Nike campaign have drawn stark criticism.
@Nike for elevating @Kaepernick7 to be its face; the bum was good for 1 season. Conservatives buy sneakers too. Support @newbalance @underarmour or @reebok instead. #boycottNike #IStand,” said congressional candidate Antonio Sabato Jr.
— Antonio Sabáto Jr 🇺🇸 (@AntonioSabatoJr) September 4, 2018
— Larry Elder (@larryelder) September 4, 2018
Nike’s competition had a much better day on the market.
Follow Peter D’Abrosca on Twitter: @pdabrosca
NFL Coach Bill Belichick Declines Presidential Medal of Freedom, Citing ‘Social Justice’ Reasons
More sportsball cowardice.
NFL coach Bill Belichick has caved to the politically correct mob and will be rejecting the Presidential Medal of Freedom from President Donald Trump.
He made the announcement on Tuesday that he was rejecting the Medal of Freedom to the NFL Network.
“Recently, I was offered the opportunity to receive the Presidential Medal of Freedom, which I was flattered by out of respect for what the honor represents and admiration for prior recipients. Subsequently, the tragic events of last week occurred and the decision has been made not to move forward with the award,” Belichick said.
“Above all, I am an American citizen with great reverence for our nation’s values, freedom and democracy. I know I also represent my family and the New England Patriots team. One of the most rewarding things in my professional career took place in 2020 when, through the great leadership within our team, conversations about social justice, equality and human rights moved to the forefront and became actions. Continuing those efforts while remaining true to the people, team and country I love outweigh the benefits of any individual award,” he added.
Before he was gelded, Belichick had been a long-time friend of Trump, and he had endorsed Trump back in 2016 in a glowing letter that the soon-to-be president read to a New Hampshire crowd.
“Congratulations on a tremendous campaign. You have dealt with an unbelievable slanted and negative media, and have come out beautifully – beautifully,” Belichick wrote. “You’ve proved to be the ultimate competitor and fighter. Your leadership is amazing.”
“I have always had tremendous respect for you, but the toughness and perseverance you have displayed over the past year is remarkable. Hopefully tomorrow’s election results will give the opportunity to make America great again. Best wishes for great results tomorrow,” he added.
Unfortunately, the far-left NFL eventually wore Belichick down and he folded to the liberal mob.
Big League Politics has reported on the NFL’s embrace of the Black Lives Matter terror movement following the China-backed protests of washed up former QB Colin Kaepernick:
The National Football League is planning to play what some call the “Black National Anthem” before every Week One game during the 2020 season, a nod to dissatisfaction with the American National Anthem within the league’s player base and the broader liberal social justice movement in the United States.
The league will feature the song ‘Lift Ev’ry Voice And Sing,’ playing it in a manner similar to how the Star Spangled Banner is traditionally played at games. Sources indicate that the former will be played before the latter.
NFL players will also be permitted the option of memorializing individuals who are allegedly the victims of police violence, wearing a sticker on their helmets with the names of individuals such as George Floyd.
The New England Patriots ought to change the name of their team after Belichick’s shameful capitulation and betrayal of President Trump.
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