Mo’ Money: Nike Stock Spiked & The Company Made Billions After Colin Kaepernick Asked Them To Pull The Plug On Shoe
According to TMZ, Nike deciding to listen to Kaepernick just made their pockets a little bit fatter.
Nike shares are surging after the company’s decision to recall its special “Betsy Ross Flag Air Max 1 USA” sneakers after Kaepernick mentioned that the 13-star flag design was offensive because it’s been co-opted by several white nationalist groups.
Nike took heed and pulled the plug on the sneakers following Kaepernick’s objections and now Nike shares have seen a 2 percent increase since Tuesday. What does that mean? It means that the decision added nearly $3BILLION to the shoe giant’s market value.
Friday trading Nike shares were up slightly to $86.62 and the company’s market value is now $136.38 billion.