Connect with us

Hi, what are you looking for?

Stocks

Controversy Versus Market Cap: Nike

You don’t have to be a sports fan to know that Nike has gotten a lot of backlash for its latest athletic endorsement. The internet, and the whole country, as a matter of fact, was up in arms as Colin Kaepernick became the new face of the company’s campaign. A handful of consumers (literally) got out their torches and pitch forks, burning Nike socks and cutting the swoosh logo off of their products.

This backlash comes (most likely) due to the controversy of Kaepernick kneeling during the National Anthem at National Football League games. But Nike is saying that they did not make the wrong decision by making this move. The company has “backed controversial athletes in the past.” Reportedly, Nike’s market cap dropped after the announcement, with shares dropping 3%, but there is going to be no movement on Nike’s part.

And analysts are saying its not going to be a particularly bad move for Nike. In the long run, this one ad campaign won’t destroy the brand, merely it could bring political and cultural awareness to the brand which can be turned into positive growth.

You May Also Like

News

In the past year, Peloton, manufacturers of stationary exercise bicycles and treadmills, has been experiencing some severe financial difficulties. The company went through a...

News

While the ongoing supply chain problems affecting the global economy have had the expected effects, they’ve also had some decidedly unexpected effects. Specifically, many...

News

As gas prices continue to rise and consumer confidence drops, not to mention the ongoing war in Ukraine, the European economy is taking a...

News

As the environmental need for electric vehicles becomes more pressing, and the car-buying public becomes more eager for them, automotive manufacturers are getting ready...

News

This morning, Coinbase CEO Brian Armstrong sent a mass email out to his company informing everyone that, as stock and crypto prices slip and...

News

Last week, a former cybersecurity expert for Twitter, Peiter “Mudge” Zatko, released a whistleblower report on the social platform. In his report, Zatko cited...

News

Zelle is a peer-to-peer payment app and service that can be used by individuals to send and receive money, in a similar vein to...

News

Earlier this week, following the third-term victory of Chinese President Xi Jinping, market shares in Hong Kong experienced a sudden, violent sell-off. Xi’s controversial...