Nike Makes Colin Kaepernick its Spokesman. Nike Stocks PLUNGE!
You may want to call your broker if you own any Nike stocks. Maybe check your 401k. Because the company named Colin Kaepernick its new spokesman (see Singer John Rich Absolutely LOSES IT Over Nike-Kap Ad and Top 5 Reactions to Nike's Colin Kaepernick Ads). When the market opened Tuesday morning, the company was down about $3.75 billion.
That's BILLION with a B.
Nike just lost about $3.75 billion in market cap after announcing Colin Kaepernick as the new face of its “Just Do It” ad campaign. It’s the 30th anniversary of the iconic TV and print spots.
Shares of NKE stock dropped about 4 percent on Tuesday morning, as #NikeBoycott has been trending high up on Twitter. The company’s valuation has since recovered a bit.
The stock has recovered a little bit. It's only down 2.5% as of me writing this sentence. The company is also lucky Donald Trump hasn't tweeted yet. Hopefully because someone took his phone away during the Kavanaugh hearings. What a sh!t show that's turning out to be. We'll have more on the insanity later. Let's stick with Nike for now. Because they need a friendly hand:
The initial stock drop could just be skittish investors. Or it could be Wall Street doesn't think pandering to social justice warriors is profitable. Let's check back in a few days and see where things are. Because often these stocks rebound in a few days after all the OMG, LOL! articles come out. Such as this one. Never accuse us of lacking self-awareness.