It's been a rough week for the Swoosh. Nike's stock price has tumbled to levels not seen since 2012, and the GOP is gleefully rubbing salt in the wound. The athletic apparel giant has seen its market value evaporate by nearly $200 billion, with shares now trading around $39—a staggering 80% drop from the all-time high of $177.51 set in 2021.
The company, which boasts endorsement deals with stars like Caitlin Clark, LeBron James, and Colin Kaepernick, is now the target of conservative criticism, with Senator Ted Cruz among the most vocal. In a post on X, Cruz recounted his personal boycott, saying, "For my whole life, I wore nearly 100% Nike for athletic wear. Kaepernick [expletive] me off, but when they cancelled the Betsy Ross shoe it showed that their marketing plan was America-hate. I went out & bought brand new shoes, shorts, t-shirts. Turns out I wasn't the only one."
The senator's comments were met with a chorus of agreement from fans who have abandoned the brand over its political stances. One user wrote, "I have purposely not bought Nike since the Colin Kaepernick debacle, I assume there are many such cases. Not for me, or any of my kids. They gained some immediate sales from being edgy but lost longtime customer forever. Once the edgyness wore off, they are left without a customer."
Another added, "I agree Ted! I was a huge Nike fan in regards to shoes, golf apparel, hats, tee shirts, etc… now I buy ZERO NIKE because they are anti-American. Our country club has stopped buying Nike too! Too WOKE!!!" The sentiment echoes a broader backlash that has been brewing for years, with some consumers vowing never to return.
The stock's freefall has been a long time coming, but the recent drop has intensified scrutiny. Fox News highlighted the decline, noting, "JUST BLEW IT: Nike has erased nearly $200 billion in market value as the iconic American brand’s stock sinks to a 12-year low." The tweet underscored the magnitude of the loss, which has wiped out gains from the pandemic-era boom.
Nike's troubles aren't just political. The company has faced supply chain issues, increased competition from brands like Hoka and On, and a slowdown in consumer spending. But for many on the right, the brand's embrace of social causes is the root cause. As one fan put it, "Nike was the very first woke company where I went into my closet and drawers, grabbed anything with a Swoosh, and dumped it in the trash. Including several pairs of shoes. And I had been wearing Nike since I was a kid."
The backlash isn't limited to social media. Some country clubs and golf courses have reportedly stopped purchasing Nike products, a sign that the boycott is hitting the brand where it hurts. While Nike has tried to pivot, including bringing back classic styles and focusing on athlete endorsements, the damage may be done. The company's next earnings report will be closely watched to see if the sales slump matches the stock's slide.
For now, the taunts from Republicans are unlikely to let up. As political and sports worlds collide, Nike finds itself in the crosshairs. Whether the brand can recover its footing remains to be seen, but the advertising market is already feeling the ripple effects, as companies rethink their spending on big-ticket events.
It's a stark reminder that in today's polarized climate, even a sneaker giant isn't immune to the culture wars. As the stock continues to slide, the question is whether Nike can win back the customers it has lost—or if the swoosh will remain a symbol of division rather than athletic excellence.
