Nike Takes A Knee Along With Kaepernick & Loses $3.75 Billion

Nike’s suicidal business decision in hiring bad boy Colin Kaepernick as their companies ad spokesmen has cost the sporting good giant almost 4 billion dollars.

The stunning announcement Monday on Twitter by Kaepernick’s attorney, Mark Geragos, calling the former 49ers quarterback an “All American Icon” flies in the face of his well-publicized anti-American demonstrations.

Kaepernick is best noted for taking a knee back in 2016 and declaring “I am not going to stand up to show pride for a flag of a country that oppresses black people and people of color.” He is credited for starting the anti-American protests of dishonoring our National Anthem –  which now haunts the NFL.

Nike’s gamble has already cost the sneaker giant a 4% drop in early trading as of Tuesday.

According to Bloomberg, after the surprise announcement, Nike shares slipped as much as 3.9 percent – the biggest intraday slide in five months.

Regardless of where Nike stock goes, or whether the company loses or makes money with Kaepernick as spokesmen. One thing is certain: the backlash has already begun with Nike customers taking to social media, posting videos of expensive Nike sneakers being burned to-a-crisp. One individual took a batch of Nike gear and shoved the merchandise into a burning fire pit. Another took lighting fluid, dosed the sneakers – and then threw a lit match.

Bloomberg points out, “The fallout was no surprise, but Nike may be betting that the upside of a Kaepernick endorsement is worth angering conservative Americans and supporters of President Donald Trump.”

However, the Bleacher Report notes a recent NBC News/WSJ poll found that a majority of voters (54%) thought Kaepernick’s protest movement was “inappropriate,” while just 43% said it was “appropriate.”

The president, of course, weighed in on the controversy stating that the deal between Nike and Kaepernick sent a “terrible message.”

“I think it’s a terrible message. Nike is a tenant of mine. They pay a lot of rent.” The President was referring to the flagship store located in one of the Presidents buildings located at 6 East 57th Street in midtown Manhattan

The president elaborated further saying, “Maybe there’s a reason for them doing it, but I think as far as sending a message, I think it’s a terrible message and a message that shouldn’t be sent. There’s no reason for it.”

However, Trump acknowledges that it’s Nike’s right to make its own business decisions.

Adding, “As much as I disagree with the Colin Kaepernick endorsement, in another way, I mean, I wouldn’t have done it.”

“In another way, it is what this country is all about, that you have certain freedoms to do things that other people think you shouldn’t do, but I personally am on a different side of it.”

Perhaps the most poignant response came from the widow of American Sniper Chris Kyle, Taya Kyle, asking a sobering question, “Sacrificing what exactly, a career?”

Adding, “At best, that is all Colin sacrificed … some money, and it’s debatable if he really lost his career over it.”

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About Bob A.

11 comments

  1. What do you call a sneaker full of $HTT ? A Nike with a Colin.

  2. Nike, the NFL and Colin can kiss my grits.

  3. Bob should have waited a day or two before writing about Nike’s supposedly “suicidal” decision to feature Mr. Kaepernick in a Nike ad. Before the announcement, Nike closed at 82.18 and fell to 79.803 the following day. In today’s market, Nike is trading at 82.03. A $4 billion drop may sound like a lot, but for a company with a market cap of nearly $140 billion, its a minor wiggle and has almost been fully recovered in today’s market. Trying to tie market price to social commentary is a slippery slope that is best avoided as the vast majority of stocks are valued based on present and future earnings – not their advertising campaigns. Moreover, using President Trump’s views on this issue is misleading as he has and continues to misstate Mr. Kaepernick’s reasons for taking a knee – to protest police treatment of minorities, NOT as our president has suggested – to disrespect our flag and military personnel. Whatever your views on Mr. Kaepernick’s actions, they remain an expression of his right to free speech to which we are all entitled to in this country, although our president seems to think that only certain people (himself) should have this right.

    • Then colin should have chose a better stage to air his opinions

    • Thank you, Scott B. For stating the facts as they are! The narrow minds of some folks never cease to amaze. Emotional and hysterical critics of Colin will never take the time to consider the merits of the actions taken by Colin and now by Nike. There are people in this country whose only view of the world is through the lens of “white privilege”.

    • Kaepernick’s actions are downright disrespectful to everyone that ever laid it on the line to give people like him the rights they have. I’m exercising my right to call his action a lowdown disgrace.
      Now before you of the liberal agenda (admitted to or not)
      start calling me names just remember I’m exercising my right.

  4. Nike has always been an liberial POS company! They are based out of Oregon. What gets me is the athletes they chose to represent them. Look at the crybaby Williams after her lost to the graceful Japanese tennis player! Nike is just trying to capture the younger generation and crap all over the generation that made them what they are!
    I will continue with ASICS and I will NOT buy anything with that stupid logo!!!
    There were no military being honored… that was the fatal mistake of this stupid company!

  5. nike sales up 31%…….

  6. CharlesWilliamMorganJr

    One annual ritual we had observed was buying Nike shoes for our six grandchildren. NO MORE! We will NEVER put another cent into Nike! Neither do we watch NFL anymore! As retired military, we expect our nation to be respected, our flag to be honored, and our laws to be obeyed. Let Colin go to Africa and see how he likes living there!

  7. I had to return my Nike shoes because my feet hurt when I stood up for the National Anthem

  8. Too bad the drop in stock was temporary. On Aug 31st it was at $82.20 and today, Sep 18th it’s at $83.26. People have a short memory and that’s sad.

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