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.”