S&P Dow Jones Indices announced Friday that Nike is being booted from the S&P 100 after nearly two decades, another sign of how America's most exclusive blue-chip benchmark is being reshaped by the artificial-intelligence spending boom. But that's not the entire story...
Perhaps what really happened with Nike is that it lost its way. Instead of focusing on basketball shoes and athletic leisure, it pursued the whole woke culture, which damaged the brand.
Injected itself into far-left politics.
And this ...
Via Fox News...
Not surprising whatsoever who accelerated Nike's demise.
S&P Dow Jones Indices noted that Nike will remain in the broader S&P 500.
Nike's peak was in late 2021, when it sported a $280 billion market cap that has since crashed to as low as $56 billion following Friday's close, its lowest market capitalization since 2013.
No longer a growth story?
Nike's upcoming demotion from the S&P 100, set to take effect on Sept. 21, comes after a series of missteps as the sportswear giant struggles to revive sales and has lost market share to rivals including On and Hoka.
Perhaps management should not have focused on left-wing cultural issues but instead on clothing and sneakers.