Words have power, and when a former U.S. President calls out a product, the company that made the product is going to be called to account. Nike’s stock is learning that the hard way following the injury to Zion Williamson on Wednesday night.
According to the Washington Post, Williamson’s injury, followed by video of President Barack Obama saying he saw the Duke star’s shoe break, had an adverse affect on Nike’s stock on Thursday. Williamson was wearing a Nike shoe when his knee injury occurred on a non-contact play.
Per the report, Nike’s stock has already seen a 1.61-percent drop as of mid-day stock trading. Opening at $83.50, it was the largest drop in Nike’s stock in over a week.
“His shoe broke.” pic.twitter.com/FAtpaF5uAt
— Chase Hughes (@ChaseHughesNBCS) February 21, 2019
Nike has been enjoying a lengthy growth period thanks in part to its controversial ad campaign with former 49ers quarterback Colin Kaepernick.
But with the injury to Williamson occurring on national television, and with former President Obama practically calling out Nike’s product, the company is likely going to feel a little heat.
The incident even caused some oddsmakers to decrease Nike’s odds of landing Williamson in an endorsement deal once he leaves college. OddsShark currently has Nike’s rival adidas as the favorite to land his signature.
Duke has not provided an injury update on Williamson after suffering the knee injury.
The Blue Devils went on to lose the game against UNC, 88-72.