Sen. Ted Cruz, R-Texas, has drawn attention to Nike's significant stock price decline, which has reached a 12-year low. Cruz shared a social media post listing reasons for the company's stock performance, referencing his own boycott of the brand several years ago. He stated that Nike's decision to cancel the Betsy Ross-themed shoe demonstrated "America-hate" in its marketing strategy.
Nike's stock has fallen nearly 80% from its all-time high in 2021, erasing approximately $200 billion in market value. The company's share price had previously reached a high of $177.51.
Cruz's criticism echoes his stance in 2019 when he joined other conservatives in boycotting Nike following the company's decision to withdraw the Betsy Ross-themed shoe. At the time, former NFL player Colin Kaepernick reportedly influenced the company's decision, arguing that the flag had been adopted by white nationalist groups and was associated with the era of slavery. Nike stated that it pulled the shoe, scheduled for a Fourth of July release, due to concerns it could unintentionally offend and detract from the holiday.
In response to the 2019 decision, Cruz publicly criticized Nike and discarded his branded apparel. Then-Senate Majority Leader Mitch McConnell also voiced criticism, suggesting that the American flag had become controversial and that there was a problem if such a symbol caused offense.
