Cruz Celebrates Nike Stock Collapse, Renews Criticism of Swoosh Brand’s Past Decisions

Sen. Ted Cruz, R-Texas, seized on Nike’s plummeting stock valuation to renew his criticism of the athletic apparel giant, which has seen its share price slide to levels not seen in over a decade. The Texas Republican joined other conservative voices on social media in pointing to the company’s declining fortunes, with Cruz specifically referencing past corporate decisions he views as anti-American.

Nike’s stock touched a 12-year low this week, representing a near-80 percent decline from the company’s peak share price of $177.51 in 2021. The sustained downturn has erased approximately $200 billion in market value for the Swoosh-emblazoned brand, marking one of corporate America’s most dramatic reversals in recent years.

Cruz linked Nike’s financial struggles to the company’s 2019 decision to shelve a Betsy Ross-themed sneaker scheduled for July Fourth release. At the time, Cruz said the cancellation—reportedly prompted by former NFL quarterback Colin Kaepernick’s objections to the Revolutionary-era flag design—demonstrated that Nike’s marketing strategy centered on hostility toward America.

The senator emphasized his personal response to that decision, stating he abandoned his longtime preference for Nike athletic wear and purchased competing brands’ products instead. “Turns out I wasn’t the only one,” Cruz posted on social media, invoking the conservative slogan “#GoWokeGoBroke.”

Then-Senate Majority Leader Mitch McConnell, R-Ky., similarly criticized Nike’s move in 2019, arguing that if other companies adopted such positions, he would actively support their competitors rather than purchase their goods.