Nike’s deal with Kaepernick adds almost $6 billion to company’s market value

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 the publication, the company’s shares rose 36 percent on the year and the brand has also become a top performer on the Dow’s index of 30 blue-chip stocks.

Share prices for the company also continued to perform at an all-time high weeks the company’s stock initially fell more than 3 percent following the announcement of their endorsement deal with Kaepernick.

{mosads}The signing of Kaepernick, who was the first NFL player to protest racial inequality and police brutality by taking a knee during the national anthem before games, generated backlash from critics of the movement. 

President Trump, a frequent critic of the anthem protests, also spoke out against the 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 small private college in Missouri also said it would end its use of uniforms displaying the Nike logo due to the athletic brand’s decision. And a store in Colorado has said it will be removing all Nike merchandise following the move. 

In the new Nike ad, Kaepernick says, “Believe in something, even if it means sacrificing everything.”

He remains a free agent quarterback who has not played an NFL game since the end of 2016 after becoming the face of the protest movement.