"Woke" may not be the entire reason Nike, the athletic shoe maker, has been on a stock rollercoaster.
But certainly has been on one: Nike stock started at $55 a share ten years ago, screaming to a peak of $170 five years ago before plunging to under $39. There are a lot of reasons for this — rising inventories, shifting wholesale dynamics, and slowing demand in a dodgy economy.
But whatever the reason, after five fairly dreadful years, Nike will be leaving the Standard and Poor's 100 ("S&P 100") index in two weeks:
BREAKING: After falling -80% from its record high, Nike, $NKE, will be removed from the S&P 100 at the end of this month, ending a near 18-year run in the index.
— The Kobeissi Letter (@KobeissiLetter) September 5, 2026
The stock has now erased -$230 billion in market cap since its all time high.
A collapse for the history books. pic.twitter.com/jGr2R3JswU
Nike is set to leave the S&P 100 before U.S. trading opens on September 21, 2026, according to S&P Dow Jones Indices. The change was announced on September 4 as part of the index provider’s quarterly rebalance.
There was more to the decline than just "woke":
Among the strongest critics has been tech content creator Gregory Kennedy, who argued that Nike's troubles stem from management decisions rather than its products. In a widely shared post, Kennedy said the company became overly focused on data and short-term financial metrics while neglecting creativity, brand-building and long-standing retail relationships
According to Kennedy, Nike's leadership pushed aggressively into direct-to-consumer sales, prioritising its own website and digital channels over wholesale partners that had helped build the brand for decades. He argued that this strategy created opportunities for rivals such as Hoka and On Running to gain market share. Kennedy also claimed that an excessive focus on measurable marketing results came at the expense of brand advertising, weakening Nike's connection with consumers over time
But make no mistake, it didn't help:
Nike has a made a lot of mistakes.
— Jennifer Sey (@JenniferSey) April 2, 2026
They all pretty much come back to disrespecting or just forgetting about their core loyal customer. They abandoned broad reach wholesale distribution where every day folks buy (or bought) Nike. Neglected the running category. And treated women… https://t.co/Wvyg44FEwo
Tangentially, I'm sure Dylan Mulvaney isn't actually a Chinese Communist opponent to mess with American business — but if Mulaney were such a black operation, it'd be hard to guess what Mulvaney would do differently:
BREAKING: Nike is set to be removed from the S&P 100 after nearly 18 years.
— I Meme Therefore I Am 🇺🇸 (@ImMeme0) September 5, 2026
The stock is now down almost 80% from its 2021 peak, turning one of the market’s most iconic consumer brands into one of its biggest recent disappointments. pic.twitter.com/3uJNIxcg4j
The company certainly staked out an aggressive position in the culture war:
I took this photograph in late 2018 in Union Square, San Francisco, right at the height of it.
— Thomas Hawk (@thomashawk) September 6, 2026
Nike put Colin Kaepernick’s face on one of the biggest billboards in the city, directly above their flagship store, with the line:
“Believe in something, even if it means sacrificing… pic.twitter.com/ssNAkIztba
It might not all be bad news for Nike - the company is busy restructuring:
Nike (NYSE: NKE) stock is down 78% from its 2021 all-time high -- the steepest drop in the company's history. Sales remain under pressure, and there's no clear catalyst for a near-term rebound.
But margins are stabilizing -- a sign that things are moving in Nike's favor as it continues its turnaround. If profitability continues to firm up and sales eventually recover, this could set up a rare chance to buy the world's leading footwear and sports apparel brand at a value price.
Bad business? Bad social choices?
Why choose?
