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Nike CEO may have just admitted the company went too woke as stock hits 12-year low

Nike shares have dropped to a 12-year low, trading at $33.87 per share and marking an 81% decline from the company's all-time peak. Chief Executive Officer Elliott Hill has initiated a brand reset, pivoting the sportswear giant back to core athletic performance and announcing plans for additional layoffs. The severe market downturn follows years of consumer fallout tied to politically charged marketing campaigns and social activism, including partnerships with divisive figures like Colin Kaepernick. Investors are closely monitoring Hill's turnaround strategy as ongoing struggles test confidence in corporate leadership.

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  • ✓ Nike stock closed at $33.87 per share, marking its lowest point in 12 years.
  • ✓ Shares have dropped 81% from the company's all-time high.
  • ✓ CEO Elliott Hill is refocusing the brand on sports and announced planned layoffs amid a brand reset.
🛡️ Source Corroboration: 11 independent reporting domains (85% confidence) ⏱ Read time: ~2 min

What changed

Nike CEO Elliott Hill refocused the company on core sports and announced structural changes as shares plunged to a 12-year low of $33.87.

Live updates

  1. Nike Stock Hits 12-Year Low as CEO Shifts Focus to Sport

    Nike shares have dropped to a 12-year low, trading at $33.87 per share and marking an 81% decline from the company's all-time peak. Chief Executive Officer Elliott Hill has initiated a brand reset, pivoting the sportswear giant back to core athletic performance and announcing plans for additional layoffs. The severe market downturn follows years of consumer fallout tied to politically charged marketing campaigns and social activism, including partnerships with divisive figures like Colin Kaepernick. Investors are closely monitoring Hill's turnaround strategy as ongoing struggles test confidence in corporate leadership.

    Why it matters

    The sharp depreciation in market value has severely impacted financial returns, with Nike's dividend now yielding comparably to a 2-year Treasury note. Leadership is attempting to steer the brand away from identity politics and social policies that critics argue alienated core consumer segments over prior years. The ongoing operational restructuring and planned workforce reductions highlight the deep challenges facing management as they attempt to revive the struggling footwear and apparel maker.

    What is confirmed

    • Nike stock closed at $33.87 per share, marking its lowest point in 12 years.
    • Shares have dropped 81% from the company's all-time high.
    • CEO Elliott Hill is refocusing the brand on sports and announced planned layoffs amid a brand reset.

    Still unconfirmed

    • Nike CEO Elliott Hill or former CEO John Donahoe admitted or suggested that the company went too woke and that over-wokeness directly caused the stock decline.

    What to watch next

    • Nike's upcoming earnings report and investor reactions to the new operating model.
    • Further details on planned layoffs and the execution of CEO Elliott Hill's sports-first turnaround strategy.
    Sources used for this update (11)
    1. CNBC — Nike is set to report earnings after the bell. Here's what to expect
    2. About Nike — NIKE, Inc. Announces Changes to Its Operating Model —
    3. Reuters — Nike's struggles test investor confidence in CEO Hill's turnaround effort
    4. Fox News — Nike CEO may have just admitted the company went too woke as stock hits 12-year low | OutKick
    5. Yahoo Finance — Nike's stock crash means its dividend now pays like a 2-year Treasury
    6. www.foxnews.com — Nike CEO may have just admitted the company went too woke as ...
    7. www.dailymail.com — Nike CEO hints sportswear went too woke as cratering stock price
    8. realtalkdigest.com — Nike CEO Pivots to Sport as Stock Hits 12-Year Low
    9. www.vibetrader.com — Nike Stock Plummets to 12-Year Low Amid Backlash Over Social ...
    10. newsaddicts.com — CEO Acknowledges Company Overstepped with Woke Policies Amid ...
    11. jarayid.com — Nike CEO suggests over-wokeness led to stock decline
    confidence 85%
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