Sportswear giant Nike was officially dropped from the S&P 100 index on Monday, ending an 18-year run as a blue-chip member and following a steep decline in market value after nearly a decade of woke messaging.
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Breitbart reports the S&P officially made the move to eliminate the sportswear company from its top 100 corporations index because the company no longer measures up to the others rated.
🇺🇸 Nike ($NKE) just got the literal boot
After an 80% crash from its peak and $230 BILLION in market cap evaporated, Nike is getting kicked out of the S&P 100 after nearly 18 years.
A slow-motion collapse of one of the most iconic brands on earth.
When index funds are forced… pic.twitter.com/FZQ78ih7lr
— Mario Nawfal (@MarioNawfal) September 5, 2026
Candidates for the Standard and Poor’s 100 must represent about 71% of the market capitalization of the S&P 500 list and 61% of the market capitalization of the U.S. equity markets.
Nike no longer qualifies under these requirements after its stock price cratered by 78 percent over the last five years.
While the company blames the steady decline on its pandemic-era pivot to prioritize digital and direct sales over wholesale partners handing valuable shelf space to competitors, critics point to another likely cause.
They say the $200 billion loss in market value can be traced back to the ultra-woke embrace of former NFL player, turned professional anti-American protester Colin Kaepernick.
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Since Kaepernick became the face of Nike in 2016, the company has lost a growing list of high-profile athletes, worsening its tumbling stock value, according to Breitbart.
Fox News reports that shares of the sportswear giant are down 43% on the year, with Nike losing some $200 billion in market cap since its 2021 peak as it faces stiff competition.
Nike has also lost key sports influencers like soccer superstars Kylian Mbappé, who is ending his roughly 20-year run with Nike to sign a sponsorship deal with On, and Lamine Yamal who has switched to Adidas.
Nike is not having fun lately—
• Loses Kylian Mbappé to On
• Loses Lamine Yamal to Adidas
• Shares at 12 year low (-43% YTD)
• Shares down 80% from all-time high
• Dropped from S&P 100 after 18 years
• Currently Dow’s worst performer of ’26 pic.twitter.com/FbYVbkLVml— Morning Brew ☕️ (@MorningBrew) September 18, 2026
Nike’s earnings losses stem from massive declines in sales and brand damage, as the company has failed to keep up with shifting consumer preferences and rising competition.
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