Nike has had an interesting year of ups and downs that have been marketing decisions as well as just some bad mishaps. Nike signed Colin Kaepernick to be the face of their 30th anniversary earlier this year and that caused an extreme dip in their stock, but eventually it was corrected.
This happened again to Nike’s stock after Duke superstar Zion Williamson tore through his shoe only 30 seconds into the most anticipated Duke v. North Carolina game in a long time. He was wearing one of Nike’s top worn shoes, the Paul George’s. Nike’s stock took a HUGE dip again… around $3 billion…. yes billion.
On Thursday morning, the shoe giant opened at the New York Stock Exchange at 83.57 per share after closing trading on Wednesday at 84.84. That might not seem like a huge drop, but money wise, it certainly is.
— Jay Williams (@RealJayWilliams) February 21, 2019
Nike stock down about 1 percent in first 10 minutes of trading, an on-paper loss of $1.12 Billion in its market cap.
— Darren Rovell (@darrenrovell) February 21, 2019
— Jack Kolb (@jack_kolb) February 21, 2019
Paul George wasn’t happy to see his shoes as part of this huge story, so he also reached out to Nike to find out what was going on.
Paul George said he spoke with Nike about what went wrong with Zion's PG2.5s last night.
— SportsCenter (@SportsCenter) February 21, 2019