Sen. Cruz slams Nike's ‘woke’ campaigns amid massive stock declines

Texas GOP Senator Ted Cruz bashed sportswear brand Nike for its “woke” campaigns in recent years, amid a dramatic drop in the company’s stock price, which the senator argued is a direct result of their “America-Hate” marketing.

After dropping nearly 50% over the past year to $40.10 per share, Nike’s shares are now down 78% from their record peak of $179.10 in November 2021, according to financial services company, Robinhood.

In an X post on Tuesday, Cruz (R-Texas.) wrote that Nike’s decline in value is both “sad and predictable.”

“Nike lost me at #2” he wrote, referring to a list of what conservative influencer Douglass Mackey argued led to Nike’s downfall. The second reason in the list was Nike cancelling the Betsy Ross-themed sneaker, which Cruz said was the last straw for his support of the company.

 

“For my whole life, I wore nearly 100% Nike for athletic wear,” Cruz’s post read. “Kaepernick pissed me off, but when they cancelled the Betsy Ross shoe it showed that their marketing plan was America-hate. I went out & bought brand new shoes, shorts, t-shirts. Turns out I wasn’t the only one. #GoWokeGoBroke.”

Called the Nike top years ago.

Nike:

1. made Kaepernick the face of the 30-year anniversary campaign
2. cancelled the Betsy Ross sneaker
3. partnered with Dylan Mulvaney.
4. set goals including 35% U.S. racial and ethnic minority representation in the corporate workforce and… https://t.co/YOl8jJpLVv

— Douglass Mackey (@douglassmackey) August 18, 2026

Mackey argued further that Nike’s financial slide stems from several high-profile controversies. He pointed to the brand featuring activist and former NFL quarterback Colin Kaepernick in a major marketing campaign, partnering with transgender influencer Dylan Mulvaney, and severing ties with NBA star Kyrie Irving due to his refusal to get the COVID-19 vaccine.

 

The comments from Cruz and Mackey come as Nike faces worsening news for investors, with the Oregon-based athletic brand seeing its stock fall to a 12-year low on Monday.

Critics also point to a decline in product quality and innovation, noting that Nike has relied too heavily on retro releases over high-quality classics.