Nike Stock Marks Years of Declines, Leaves the S&P 100 Index After Years of Woke Marketing Stunts
Nike is set to be removed from the S&P 100 index following years of declining stock performance, influenced by controversial marketing efforts related to woke partnerships that faced public criticism. The company’s stock has plummeted 78% from its 2021 peak, reaching a 12-year low around $38.40, and losing over $200 billion in market capitalization, reducing its valuation to approximately $57 billion. Analysts cite shifts away from wholesale channels and outdated footwear designs as reasons for the decline, while critics argue that branding damage from woke collaborations-such as partnerships with transgender influencer Dylan Mulvaney and Colin Kaepernick-has hurt Nike’s reputation. The removal from the index, confirmed during a quarterly rebalance, will be accompanied by the exit of other companies like Honeywell Aerospace, Simon property Group, and Colgate-palmolive, replaced by tech firms such as Dell Technologies and palo Alto Networks. Nike’s new CEO, Elliott Hill, who took over in 2024, is in the second year of a turnaround plan, with recent sales improvements in North America, even though overall results are still developing.Nike is scheduled to release its next earnings report on October 1.
Nike is slated to leave the S&P 100 after years of stock market declines, a development which follows controversial woke marketing efforts that garnered criticism from fans.
S&P Dow Jones Indices confirmed that the sports equipment company will leave the S&P 100, which tracks 100 large and stable public companies in the United States, on Sept. 21 during a quarterly rebalance, per a report from Yahoo Finance.
Nike stock has fallen 78 percent from highs in 2021, recently hitting a 12-year low of roughly $38.40 per .
The company lost over $200 billion in market capitalization and now sits at a valuation of $57 billion.
While analysts have pointed to shifts away from traditional wholesale partners and an overreliance on older footwear designs, conservative commentators have noted that years of woke partnerships damaged Nike’s perception as a brand.
Nike linked arms with self-described transgender influencer Dylan Mulvaney, who posted a video of himself wearing Nike women’s leggings on social media.
BREAKING: Nike is set to be removed from the S&P 100 after nearly 18 years.
The stock is now down almost 80% from its 2021 peak, turning one of the market’s most iconic consumer brands into one of its biggest recent disappointments. pic.twitter.com/3uJNIxcg4j
— I Meme Therefore I Am 🇺🇸 (@ImMeme0) September 5, 2026
They have also partnered with Colin Kaepernick, the former NFL player who drew infamy for kneeling during the National Anthem.
Nike used to inspire young athletes with legends like Michael Jordan, Tiger Woods and Derek Jeter.
Now they lift up Dylan Mulvaney, Colin Kaepernick, glorify obesity and push anti-American propaganda.
Total destruction of a once iconic brand. pic.twitter.com/TY2x8ib5pj
— Benny Johnson (@bennyjohnson) September 6, 2026
Yahoo Finance noted that Nike is not the only company to be leaving the S&P 100.
It will be joined by Honeywell Aerospace, Simon Property Group, and Colgate-Palmolive.
The four companies will all be replaced by technology firms — Dell Technologies, Palo Alto Networks, Arista Networks, and SanDisk.
Arista sells switches for data centers, while SanDisk makes flash memory cards.
Nike CEO Elliott Hill, who started leading the company in 2024, is on the second year of a turnaround plan, according to a report from The Oregonian.
While there has been improvement with sales in North America and with running products, Hill acknowledged on a recent earnings call that “the results aren’t there yet.”
The company will issue its next earnings report on Oct. 1.
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