Nike added nearly $6 billion to its company’s market value since announcing its deal with former NFL player Colin Kaepernick, CBS News reported on Friday.
According to CBS, Nike shares rose 36 percent on the year, making the company the top performer on the Dow’s index of 30 blue-chip stocks.
The company’s share prices surged nearly 5 percent since Nike’s Labor Day announcement that Kaepernick, who was the first NFL player to protest racial inequality and police brutality by taking a knee during the national anthem, would be the face of its latest ad campaign.
In the new Nike ad, Kaepernick says, “Believe in something, even if it means sacrificing everything.”
President Trump slammed Nike’s new ad campaign.
“Just like the NFL, whose ratings have gone WAY DOWN, Nike is getting absolutely killed with anger and boycotts,” the president tweeted shortly after the announcement of the deal.
A report released by Edison Trends earlier this month says Nike’s online sales grew 31% from Sunday through Tuesday of Labor Day weekend this year, a 17 percent gain from the number recorded for the same period in 2017.
“There was speculation that the Nike/Kaepernick campaign would lead to a drop in sales but the data does not support that theory,” the company said in a statement.