Did Colin Kaepernick Tank Nike’s Stock? Ex-NFL QB Blamed For $200-Billion Loss
This article was originally published on Total Pro Sports.
Nike hit an all-time high stock price of $177 back in 2021. This week, shares closed below $40.
The sportswear giant’s stock has plunged nearly 80% from that peak, wiping out close to $200 billion in market value along the way.
Nike now trades at its lowest level in 12 years, and the company has become the worst-performing stock in the Dow Jones Industrial Average this year.
Critics online have found someone to blame: Colin Kaepernick.
Kaepernick has stayed in the headlines well beyond his playing days, whether the topic is a business deal that fell through or persistent chatter about a potential NFL return that never quite materializes.
Fans Point Back To A 2019 Sneaker Controversy
Fox News highlighted the connection directly in a post on X.
“The staggering decline is fueling fresh criticism of the company and its past controversies, including Nike’s 2019 decision to pull a planned Betsy Ross flag sneaker after Colin Kaepernick raised concerns over the design,” the outlet wrote.
Nike named Kaepernick the face of its 30th-anniversary “Just Do It” campaign back in September 2018. Sales grew quickly after the ad launched, and the stock kept climbing for years, eventually reaching its all-time high in 2021.
Years later, some critics now argue the Kaepernick partnership planted the seeds for lasting damage to Nike’s customer base.
Fans didn’t hold back their frustration once the stock news spread.
“Nike pivoted from celebrating great athletes to celebrating activists and lost their customer base,” one person wrote.
Nike pivoted from celebrating great athletes to celebrating activists and lost their customer base.
— Rob (@robtheconservtv) August 20, 2026
Another added, “When I was in high school, the only shoe I would wear was a Nike. I haven’t bought Nike’s since they continued to sponsor Colin Kaepernick after he took a knee.”
When I was in high school, the only shoe I would wear was a nike. I haven’t bought nike’s since they continued to sponsor Colin Kaepernick after he took a knee.
— Jesse (@JesseO007) August 19, 2026
A third fan reflected on years of frustration with the brand.
Nike used to make great shoes & apparel. I was all Nike-town. Then they made years of really questionable to bad decisions; they’ve earned the situation they’re in. It’s only a matter of time that it will catch up to you.
— Tony Roberts (@TonyRoberts_16) August 19, 2026
“Nike used to make great shoes and apparel. I was all Nike-town. Then they made years of really questionable to bad decisions; they’ve earned the situation they’re in. It’s only a matter of time that it will catch up to you,” they wrote.
Go woke go broke .. not buying Nike any more .Bearskin now
— AMR (@AMR2067268) August 19, 2026
Another commenter put it more bluntly: “Go woke go broke. Not buying Nike anymore. Bearskin now.”
Analysts Point To Different Reasons For The Decline
Wall Street tells a different story than the fan backlash suggests.
JPMorgan Chase downgraded Nike to “Underweight” earlier this month, citing weak sales in Greater China, where domestic competitors like Anta Sports and Li-Ning keep gaining market share.
Nike’s direct-to-consumer strategy has also struggled, with both digital and DTC sales declining simultaneously. Analysts at Evercore ISI say they see no clear signs of revenue recovery on the horizon.
Nike’s recent quarterly numbers back up those concerns. Greater China sales fell 12% in fiscal 2026, and digital sales in that region dropped 29% year-over-year. Speculation has even begun to build around whether Nike could eventually be removed from the Dow entirely.
Nike has continued to stand by Kaepernick since he left the NFL, even as its stock keeps sliding. Whatever the real mix of causes turns out to be, the company clearly needs a turnaround, and soon.
