Nike shares fell Tuesday morning after the reveal of a new ad campaign for the 30th anniversary of "Just Do It," featuring former 49ers quarterback Colin Kaepernick, pulled a wave of responses, both for and against, on social media.
The stock was down more than 2 percent in early trading, as #NikeBoycott was trending on Twitter.
On Monday, Kaepernick shared the first photo of the campaign on his Twitter account. He has been a polarizing figure ever since he decided not to stand for the national anthem during a 2016 preseason football game to protest racial injustice.
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Nike was seeing some backlash from consumers on social media, though there were also plenty of people backing the campaign. Other athletes including Serena Williams, LeBron James, Lacey Baker, Shaquem Griffin and Odell Beckham Jr. are also being featured in the ads, according to Nike. But Kaepernick has taken the spotlight.
Tweeting #NikeBoycott, some people were saying they were going to burn their Nike sneakers or cut the swoosh logo off their socks because of the ad with Kaepernick.
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Some people were also saying Tuesday that former Arizona State University and Arizona Cardinals football player Pat Tillman should've been the face of the new Nike campaign. Tillman left the NFL to join the army after 9/11 and later died in Afghanistan.
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"While Nike has been doing relatively well in a sports market that is under pressure, it cannot afford to make bad decisions," GlobalData Retail Managing Director Neil Saunders said. "Anything which has the potential to damage market share, such as overtly political campaigns, should be avoided."
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