Uber-woke sportswear giant Nike has been officially dumped from the S&P 100 after falling to its weakest valuation in more than a decade.
News broke early this month that the 85-year-old stock rating index was preparing to remove Nike from its list because the company no longer measures up to the others rated. This week, S&P has officially made the move to eliminate the sportswear company from its top 100 corporations index.
Candidates for the Standard and Poor’s 100 must represent about 71% of the market capitalization of the S&P 500 list and 61% of the market capitalization of the U.S. equity markets. Nike, though, no longer qualifies under these requirements after its stock price cratered by 78 percent over the last five years.
As Breitbart News reported in August, Nike shares have seen a steady decline since the 2021 peak, resulting in a catastrophic $200 billion loss in market value that can all be traced back to the ultra-woke embrace of former NFL player, turned professional anti-American protester Colin Kaepernick.
In the years since Kaepernick became the face of Nike in 2016, the company has lost a growing list of high-profile athletes, worsening its tumbling stock value.
Nike’s staggering earnings losses stem from massive declines in sales and brand damage, as the company has failed to keep up with shifting consumer preferences and rising competition.
This corporate failure has led to the S&P 100 abandoning it in what is yet another humiliation for a once iconic sportswear brand.
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