Nike faces stock deindexing after 5-year freefall that critics attribute to woke marketing strategy

For years, Nike has ignored the “go woke, go broke” warnings, flaunting its progressive values and willingness to offend consumers as a sort of meta-marketing campaign.

But as its stock now faces a five-year freefall from its 2021 peak, having lost 78% of its market value, critics are saying, “I told you so.”

Accordingly, the S&P 100, a stock index representing “America’s largest most established blue-chip companies,” per Forbes, announced that it was booting the former athletic-apparel industry leader in what some saw as a long overdue move.

“The S&P 100 removal adds something different to the discussion,” Forbes wrote, after previously suggesting that the stock could rally to become a golden investment opportunity. “The issue is less about shoes or quarterly earnings than about ownership, expectations, and what happens to a former market favorite after years of disappointment.”

Although its Wall Street apologists cited increased competition from China as one reason for its faltering stock, social-media users were quick to chime in with the full story for why it failed.

For starters, Nike brazenly disregarded the cautionary tale of companies like Bud Light, hiring clownish female impersonator Dylan Mulvaney in a paid partnership to promote its “Nike Women” line. This effort was roundly mocked on social media.

But that may have been little more than the culmination of years of efforts to devalue itself, beginning with its endorsement of NFL anthem-kneeler Colin Kaepernick.

The company went on to roil conservatives in a multitude of ways, canceling a “Betsy Ross flag” design on a patriotic shoe line at Kaepernick’s behest (he called it a racist symbol), while humoring the idea of making “Satan Shoes” inspired by rapper Lil Nas X.

Nike also launched an ad campaign featuring a nonbinary “furry” as its newest spokesmodel in 2025.

The company seemed to relish in its efforts to provoke political outrage, with leftist media outlets gloating in the short term over its booming sales and success at “invalidating critics” following the high-profile Kaepernick campaign.

Amid viral videos that depicted people setting fire to their Nikes in protest, some called it a “masterclass in purpose-led marketing” which “proved that taking a real stand can ignite brand love even if it sparks backlash.”