Nike just lost about $3.75 billion in market cap after announcing free agent NFL quarterback 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.
At the time of this writing, the sneaker company’s intra-day market capitalization was $127.82 billion. On Friday, that number had been $131.57 billion.
Market capitalization is the market value of a publicly traded company’s outstanding shares.
Shares of NKE stock dropped about 4 percent on Tuesday morning, as #NikeBoycott has been trending on Twitter. The company’s valuation has since recovered a bit.
We chose a 5-day snapshot of NKE stock so viewers can see the fall comparing Labor Day Weekend’s “before” and “after”:
Despite not playing a professional down of football since 2016, Kaepernick has remained a Nike athlete as the company continued to pay him, according to ESPN reporter Darren Rovell.
The ad hits on the protests Kaepernick started in 2016, when he began kneeling during the National Anthem before NFL games as a means of raising awareness and protesting racial inequality in America, and the shooting deaths of unarmed black men, women and children by police officers.
The number of NFL players taking up the protest and kneeling during the anthem has dwindled as the league has attempted to curtail the issue.
The protests created a firestorm in the media and among football fans. President Donald Trump made the protests one of his main issues on Twitter, saying that players who kneel during the national anthem should be fired.
Kaepernick, who led the 49ers to the Super Bowl in 2013, brought a lawsuit against the NFL, accusing the league of colluding to keep him from being signed by any NFL team. Last week a court issued him a preliminary win in his case, essentially granting a full hearing on the dispute, according to The New York Times, despite the NFL’s efforts to sweep the issue under the rug.
Sports and Politics Don't Mix? History Says Otherwise (Photos)
With President Donald Trump's grousing over recent protests in the NFL, the debate over whether athletes should express their political views through the platform of sports has heated up once again. But contrary to what some might believe, the phenomenon of athletes protesting didn't begin with Colin Kaepernick. Read on as TheWrap delves into the long-term relationship between sports and politics.
At the 1968 Olympics in Mexico City, Tommie Smith and John Carlos -- who'd taken the gold and bronze medalists in the 200-meter dash -- took to the winners podium and raised their fists above their heads in a silent protest against discrimination against African-Americans in the United States. "If I win I am an American, not a black American. But if I did something bad then they would say 'a Negro.' We are black and we are proud of being black," Smith said of the protest.
Boxing legend Muhammad Ali famously refused to serve in the U.S. military during the Vietnam war, noting, “Why should they ask me to put on a uniform and go ten thousand miles from home and drop bombs and bullets on brown people in Vietnam while so-called Negro people in Louisville are treated like dogs?" In 2005, President George W. Bush awarded Ali the Presidential Medal of Freedom, calling him "a fierce fighter and a man of peace."
Following the Soviet invasion of Afghanistan, the United States led a boycott of the Summer Olympic Games in Moscow. The boycott would grow to 65 nations who refused to participate in the games.
Four years later, the USSR would return the favor, boycotting the 1984 Olympics in Los Angeles. "Chauvinistic sentiments and anti-Soviet hysteria are being whipped up in this country," the Soviet government said of the boycott, which 13 other communist countries would also join.
At the beginning of the 1995-1996 NBA season, Denver Nuggets point guard Mahmoud Abdul-Rauf decided that he wouldn't salute the American flag during the playing of the national anthem prior to games. The decision went unnoticed for some time; when NBA commissioner David Stern handed down a one-game suspension to the player. The NBA later reached a compromise, mandating that Abdul-Rauf stand for the anthem, but allowing him to close his eyes and face downward.
In 2014, following the death of Eric Garner after a confrontation with police in New York, Cleveland Cavaliers stars LeBron James and Kyrie Irving wore shirts emblazoned with the phrase "I Can't Breathe" -- Garner's reported last words -- while warming up for a game against the Brooklyn Nets. Nets players Jarrett Jack, Alan Anderson, Deron Williams and Kevin Garnett also donned the shirts.
In 2016, then-San Francisco 49ers quarterback Colin Kaepernick opted not to stand during the national anthem, saying, "I am not going to stand up to show pride in a flag for a country that oppresses black people and people of color ... To me, this is bigger than football and it would be selfish on my part to look the other way. There are bodies in the street and people getting paid leave and getting away with murder."
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From Muhammad Ali to Colin Kaepernick, a timeline of protesting athletes
With President Donald Trump's grousing over recent protests in the NFL, the debate over whether athletes should express their political views through the platform of sports has heated up once again. But contrary to what some might believe, the phenomenon of athletes protesting didn't begin with Colin Kaepernick. Read on as TheWrap delves into the long-term relationship between sports and politics.
