Just about recently, Nike lost roughly $3.75 billion in market cap after free agent NFL quarterback Colin Kaepernick was announced as the new face of its “Just Do It” ad campaign. It’s the 30th anniversary of the iconic TV and print spots.
During the time of this writing, the capitalization of the sneaker company’s intra-day market (market value of a publicly traded company’s outstanding shares) which was $127.82 billion has been reduced to $131.57 billion this Friday.
Shares of NKE stock faced a decline of about 4 percent on Tuesday morning, as #NikeBoycott has been trending on Twitter. The company’s valuation has since experienced a small recovery.
We select a 5-day snapshot of NKE stock so viewers would be able to see the fall comparing Labor Day Weekend’s “before” and “after”:
“Believe in something, even if it means sacrificing everything. #JustDoIt,” Kaepernick tweeted on Labor Day, echoing the words of the ad.
— Colin Kaepernick (@Kaepernick7) September 3, 2018
Though Kaepernick hadn’t planned a professional down of football since 2016, he is still a Nike athlete as the company continued to pay him, according to ESPN reporter Darren Rovell.
The ad hits on the protests Kaepernick began in 2016 when he started kneeling during the National Anthem before NFL games aiming to raise awareness and protest racial inequality in America, and the shooting deaths of unarmed black men, women, and children by police officers.
The protests stirred controversy in the media and among football fans. President Donald Trump prioritized one of his main issues on Twitter, saying that players who kneel during the national anthem should be dismissed.
Kaepernick, who led the 49ers to the Super Bowl in 2013, issued a lawsuit against the NFL, blaming the league of conspiracy to prevent him from being signed by any NFL team. Last week a court issued him a preliminary win in his case, essentially granting a full hearing on the dispute, according to The New York Times, in spite of NFL’s attempts to conceal the issue from public knowledge.