Overview
- Nike’s stock hit a roughly 12‑year low this week and is down about 78–80% from its November 2021 peak, wiping out nearly $200 billion in market value.
- Sen. Ted Cruz and other conservative voices have revived 2019 complaints about Nike’s choices on the Betsy Ross shoe and high‑profile partnerships and say those moves helped drive customers away.
- Nike’s own fiscal results show concrete operational weakness with Nike Direct revenue falling about 7% and digital sales down roughly 12% in the company’s most recent quarter.
- Analysts point to business problems such as weaker new product innovation, heavy reliance on retro releases, missed timing on signature shoes and stiffer competition as material drivers of the decline.
- Coverage splits by outlet with right‑leaning outlets stressing political backlash and left‑leaning outlets and market analysts emphasizing strategic and execution failures, and investors will be watching upcoming earnings and the company’s plan for reviving direct sales.