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Sports News 

By Lorenzo Madrid

 

In recent Sports News on September 3rd Nike made Colin Kaepernick (Ex NFL Quarter Back For the 49ers) the face of their latest ad and with that it brought controversy. Not only did the company have angry customers but some investors withdrew their stocks and the company dropped 4 percent in stock market value equivalent to 3.75 billion dollars in market cap value according to investor’s business daily. This was not a permanent drop for the company, only after a few days Nike bounced back past their original value. Thanks to the ad, Nikes single stock went from $85 a share to a higher than ever $92. People thought that Nike was going to start losing value quickly due to all the backlash, some of it consisted of burning products and calling the company to complain about their decision. Nike made a public announcement saying that it fully supports Kaepernick and his protest and the company is just trying to bring more awareness to the cause.

Sources:

  • CNN Money

  •  Investors Business Daily

  •  Nike

  •  Rolling Stone (Business)

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