Nike stock shares and market capitalization plummeted significantly on Tuesday after the athletic titan announced that a controversial former NFL player would be the face of its main advertising campaign.
“Nike just lost about $3.75 billion in market cap after announcing free agent NFL quarterback Colin Kaepernick as the new face of its ‘Just Do It’ ad campaign,” according to The Wrap. “It’s the 30th anniversary of the iconic TV and print spots.”
Market capitalization is the value of the shares of a company’s outstanding shares.
“At the time of this writing, the sneaker company’s intra-day market capitalization was $127.82 billion, The Wrap said. “On Friday, that number had been $131.57 billion.”
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