Nike Loses $3.75 Billion in Market Cap After Colin Kaepernick Ads

Nike lost about $3.75 billion in market cap after announcing free agent NFL quarterback Colin Kaepernick as the new face of its “Just Do It” ad campaign. It’s the 30th anniversary of the iconic TV and print spots.

At the time of this post, the sneaker company’s intra-day market capitalization was $127.82 billion. On Friday, that number had been $131.57 billion.Market capitalization is the market value of a publicly traded company’s outstanding shares.