Former San Francisco 49ers quarterback Colin Kaepernick first became the subject of national political discussions after he took a knee during the national anthem at an NFL game, launching him into the spotlight as a social justice advocate. Immediately afterward, sports brand Nike rushed to embrace him and they have been paying for that decision — literally and figuratively — ever since.
The company did experience a brief economic spike in 2021, however, Nike has experienced plummeting profits and a stock crash of 78% since that time. The woke sportswear producer is now, embarrassingly, being forced to leave the S&P 100 later in September as part of the index’s quarterly rebalance. The company was part of the index for 18 years.
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