Nike Stocks Soar After Air Max 1 "Betsy Ross" Controversy
Nike was all over the new past this week when it was revealed that they would be pulling a patriotic Nike Air Max 1 from store shelves due to concerns that it may convey racist messages. The sneaker in question had the Betsy Ross flag on the back which was created at a time where slavery was still very much a part of society. This flag has 13 stars as opposed to 50 since it pays homage to the 13 original American colonies. Colin Kaepernick was one of the athletes who suggested Nike pull the shoe and they ended up doing just that.
While many people were upset with Nike over the controversy, it doesn’t appear as though it’s going to hurt them financially. In fact, it’s doing quite the opposite as according to TMZ, Nike’s stocks are going up. Since canceling the release of the shoe on Tuesday, Nike’s shares have gone up by 2 percent which is significant since it added $3 billion to the overall value of the company. As of right now, Nike’s value sits at $136.38 billion while individual shares cost $86.62.