Nike is in the middle of a financial freefall, and former NFL quarterback Colin Kaepernick is once again in the crosshairs. The sportswear giant's stock has tumbled to around $40 a share, a staggering drop from its 2021 peak of $177. That's a loss of nearly $200 billion in market value, and some fans and critics are pointing fingers at Kaepernick's polarizing partnership with the company.
While stock prices are influenced by a complex mix of factors, the timing of Nike's decline has fueled fresh criticism. A Fox News post on X highlighted the company's past controversies, including the 2019 decision to pull a planned Betsy Ross flag sneaker after Kaepernick raised concerns over the design. That move, along with his role as the face of the 30th-anniversary "Just Do It" campaign in 2018, has become a lightning rod for those who say Nike's embrace of Kaepernick alienated a significant chunk of its customer base.
The backlash isn't just online chatter. Longtime customers are speaking out, and their stories paint a picture of a brand that traded short-term buzz for long-term loyalty. "I have purposely not bought Nike since the Colin Kaepernick debacle," one critic wrote. "They gained some immediate sales from being edgy but lost longtime customers forever. Once the edginess wore off, they are left without a customer."
Another fan echoed that sentiment, posting, "Hey Nike!! I've noticed that stock dive?? How many more Kaepernick, Mulvaney, WOKE mistakes can you make?" The references to Mulvaney point to a broader culture-war backlash that has enveloped the brand, but Kaepernick remains the most visible flashpoint.
For some, the decision to stop buying Nike was personal and immediate. "I stopped buying Nike the first time I saw that Anti-American Kaepernick take a knee and then Nike supported that," one fan said. Another added, "I would add Colin Kaepernick as a contributor to the downfall. Haven't purchased anything Nike since that moment."
The irony isn't lost on observers: When Nike first named Kaepernick as the face of its iconic campaign, sales boomed, and the stock soared to record highs. But that initial surge has faded, and the company now faces a stark reality. The question is whether the Kaepernick association is a lingering drag or just one of many challenges, including shifting consumer habits and increased competition.
Nike has stood by Kaepernick through his NFL exile and beyond, even as he's been honored for his civil rights work. But the company's bottom line is hurting, and the pressure is mounting. As the stock hovers near a 12-year low, some are drawing parallels to other controversies that have hit the brand, but the Kaepernick debate remains the most divisive.
For sports fans, the saga is a reminder of how deeply politics and sports have become intertwined. While Nike's struggles can't be pinned on one person alone, the perception that Kaepernick drove away customers is a narrative that won't go away. Whether the company can reverse its fortunes remains to be seen, but one thing is certain: the conversation around Kaepernick and Nike is far from over.
