Nike stock price reaches all-time high after Colin Kaepernick ad
After Nike started running its ads with Kaepernick, there was a tremendous amount of public backlash. Despite criticism, Nike's stock closed at an all-time high($83.49) this past Friday.
Initially, Nike shares fell 3.2% which is equivalent to 3-4 billion dollars. I'm sure that Nike heavily considered the controversy surrounding Kaepernick that began when, in 2016, he took a knee while the national anthem played at a football game. I have a feeling that Nike investors were willing to take that chance and weather the storm. Is Nike really down for the cause? I'm not saying that they aren't. But Nike knows that controversy sells and the power of its brand. According to Interbrand, Nike is the world’s 18th most valuable brand, behind tech giants like Facebook and Apple, but ahead of any other company involved in fashion or retail clothing.