Ted Cruz dunks on Nike as nearly $200B disappears from company's value

Key Points:

• Sen. Ted Cruz criticized Nike on social media as the brand’s stock price hit a 12-year low, linking the decline to the company’s decision to cancel its Betsy Ross-themed shoe, which he saw as showing "America-hate."
• Cruz, who previously boycotted Nike in 2019 over the same issue, reiterated his disapproval of the brand’s marketing choices, including its association with Colin Kaepernick, and used the hashtag #GoWokeGoBroke.
• Nike’s stock has dropped nearly 80% since its 2021 peak, erasing about $200 billion in market value, amid ongoing controversy over its political and social stances.
• The Betsy Ross shoe was pulled after concerns it could offend due to its association with white nationalist groups and the history of slavery, a move that drew criticism from conservative figures like Cruz and then-Senate Majority Leader Mitch McConnell.
• The controversy highlights broader political debates over patriotism and corporate activism, with some conservatives viewing Nike’s decisions as unpatriotic and alienating to certain consumer groups.