Nike Loses $200 Billion in “Woke Wipeout”
Yahoo Finance reports the iconic sportswear brand Nike has lost $200 billion in market value since 2021. Financial experts point to poor sales performance domestically and internationally, but our friends at The Washington Stand ultimately trace it back to Nike’s political activism, calling the company’s financial turn a “$200 billion woke wipeout.”
Suzanne Bowdey at The Washington Stand writes:
“Millions of customers called it quits on Nike after its endorsement of anti-American Colin Kaepernick, who, along with disrespecting our national anthem, persuaded the company to shelve its idea of patriotic shoes.
“Since then, Nike’s far-left agenda has taken different forms — from a doomed Dylan Mulvaney partnership to its defense of China’s slave labor program. Now, the company seems intent on being the official sponsor of team transgenderism, refusing to back away from radical LGBT advocacy that’s at odds with 80% of America.
“And its roots in the movement run deep. In a conscious decision to trade their brand’s popularity for toxic activism, executives started sticking their necks out years ago in areas that were racing to put the brakes on gender mutilation procedures for children. In places like Alabama, where lawmakers tried to stop kids from rushing into transgender hormones and surgery, Nike led the corporate march to put the scalpel back in doctors’ hands. Fortunately, they failed.”
Nike is not the only company that has suffered financially because of its social and political activism.
In 2023, Anheuser-Busch sent transgender social media influencer Dylan Mulvaney a novelty can of Bud Light with Mulvaney’s picture on it. Mulvaney posted a video of himself dressed like Audrey Hepburn showcasing the Bud Light can — which led to backlash and boycotts from Bud Light drinkers nationwide. That novelty can of Bud Light ended up costing the company more than $1 billion in lost sales, and the brand has never fully recovered.
Seeing a brand like Bud Light singlehandedly overthrow itself as America’s bestselling beer caught the corporate world’s attention. Since then, many major corporations have reduced their LGBT themed marketing, rolled back pro-LGBT policies, and stopped participating in HRC’s Corporate Equality Index.
However, unlike most major companies, Nike doesn’t just participate in the Human Rights Campaign’s Equality Index. This year the company earned a perfect score.
It’s worth pointing out that HRC’s Corporate Equality Index puts some heavy requirements on businesses that participate. Getting a perfect score like Nike’s means companies must agree to demands like covering the cost of gender-transition procedures for employees and their families, forcing workers to undergo ideological training, opening restrooms to both sexes, and so forth.
Corporate DEI polices and pro-LGBT pandering are deeply out-of-step with everyday Americans. These are flawed ideologies that do not ensure individuals are valued, heard, or included. Employees who hold biblical views of marriage or gender risk losing their jobs in workplaces that have adopted DEI policies. None of that is good for our economy or our country.
Articles appearing on this website are written with the aid of Family Council’s researchers and writers.
