Ted Cruz ridicules Nike as its shares slump to a 12-year low

Senator Ted Cruz used his X account to lambast Nike, aligning with influencer Douglass Mackey’s list of reasons for the company's recent stock decline. Cruz referenced his personal boycott from several years ago, triggered by Nike’s decision to pull a planned Betsy Ross-themed sneaker, which he described as evidence of an "America-hate" marketing approach. He noted that he has since purchased alternative shoes, shorts, and shirts, adding the hashtag #GoWokeGoBroke.

Nike’s stock has fallen to a 12-year low, down almost 80% from its 2021 high and wiping roughly $200 billion off its market value. The controversy harks back to 2019 when Cruz, along with other conservatives, condemned the shoe’s cancellation after Colin Kaepernick urged the company to drop it, citing the flag’s association with white nationalism. Former Senate Majority Leader Mitch McConnell also criticized the move, saying he would buy the product if any other firm made the same choice.