On Monday, Nike unveiled it’s latest marketing campaign featuring controversial former quarterback Colin Kaepernick, who started the national anthem protests which divided the league–and the country–over the last two seasons.
Unfortunately for Nike’s shareholders, that might not have been a wise decision. Shares dropped precipitously Tuesday, in an apparent response to the decision.
Daily Wire reports:
In early trading Tuesday, Nike’s shares dropped by nearly 4 percent, “the biggest intraday slide in five months,” Bloomberg reports. “Nike shares slipped as much as 3.9 percent to $79 as of 9:31 a.m. Tuesday in New York — the biggest intraday slide in five months. They had climbed 31 percent this year through Friday’s close.”
Clearly, Nike Inc. was willing to risk the inevitable backlash, which has already begun among some sports fans — #BoycottNike and videos of fans burning Nike gear are already trending online — to promote Kaepernick’s controversial message.
“The fallout was no surprise but Nike may be betting that the upside of a Kaepernickendorsement is worth angering conservative Americans and supporters of President Donald Trump,” writes Bloomberg.
That might prove to be a bad bet, however. As 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.”
It’s clear that Americans don’t like the anthem protests. One might wonder why big corporations keep pandering to the radical left fringes at the cost of their own business.