WASHINGTON, United States — US Senator Ted Cruz has renewed his criticism of Nike after the sportswear giant’s shares fell to their lowest level in 12 years, using the decline to revisit his long-running boycott of the company over its decision to cancel a Betsy Ross-themed sneaker in 2019.
The Republican senator from Texas said Nike’s decision to withdraw the shoe was the point at which the brand “lost” him, arguing that the company’s marketing strategy had become hostile to American values.
Cruz made the remarks on X on Tuesday, August 18, responding to a post by conservative commentator Douglass Mackey that listed several controversies involving the sportswear company.
“Sad & predictable,” Cruz wrote, before recalling his decision to stop buying Nike products.
“For my whole life, I wore nearly 100pc Nike for athletic wear,” Cruz said. “Kaepernick pissed me off, but when they cancelled the Betsy Ross shoe it showed that their marketing plan was America-hate.”
He added that he subsequently replaced his Nike athletic wear, concluding: “Turns out I wasn’t the only one.”
Nike shares fall nearly 80pc from 2021 peak
Cruz’s comments came as Nike shares suffered another major decline.
Nike stock closed at its lowest level since 2014 on Monday, August 17, 2026. The shares have fallen by approximately 78 per cent from their record high of $177.51 in November 2021.
The prolonged decline has wiped out roughly $200 billion in market value, according to reports tracking the company’s market performance.
However, the stock decline predates the latest political criticism and has been attributed to a range of business and market pressures. Investors and consumers have debated issues including Nike’s product strategy, competition, retail distribution, brand positioning and recent marketing decisions.
The company’s shares were trading around $40 in mid-August, after losing almost half their value over the previous year, according to market data cited in recent reports.
Betsy Ross shoe controversy returns
The political dispute Cruz referenced dates back to 2019, when Nike pulled a planned Fourth of July sneaker featuring the Betsy Ross flag.
The flag, associated with the early United States and featuring 13 stars arranged in a circle, became controversial because of its later adoption by some white nationalist groups.
Former NFL quarterback Colin Kaepernick reportedly raised concerns about the symbolism and urged Nike to reconsider the release.
Nike subsequently withdrew the shoe, saying at the time that it was concerned the design could unintentionally offend and detract from the patriotic holiday.
The decision prompted criticism from conservative politicians, including Cruz and then-Senate Majority Leader Mitch McConnell.
Cruz responded by announcing that he would stop buying Nike products, turning the controversy into an early example of the political backlash that would later surround corporate diversity campaigns and socially conscious marketing.
Cruz links politics to Nike’s financial struggles
Cruz’s latest intervention reflects a broader political debate over whether corporate activism and controversial marketing decisions can affect consumer behaviour and shareholder value.
The senator argues that Nike’s engagement in political and cultural issues alienated customers such as himself.
His latest post also referenced Nike’s use of Kaepernick in a major advertising campaign. Kaepernick became a prominent Nike figure after beginning his national anthem protest during his NFL career, when he knelt during the anthem to draw attention to racial injustice and police brutality.
Nike’s relationship with Kaepernick generated both strong support and calls for boycotts.
Conservative critics have subsequently pointed to other Nike partnerships and corporate policies as evidence that the company moved too far into politically sensitive territory.
Stock performance tells a more complicated story
While Cruz has framed Nike’s decline as evidence that consumers rejected the company’s political positioning, the stock’s performance cannot be attributed to a single controversy.
Nike has faced a broader set of challenges as it attempts to regain momentum in a highly competitive global sportswear market.
The company’s shares have declined substantially from their 2021 peak, with the fall occurring over several years rather than following the Betsy Ross controversy alone. Market observers have also pointed to competitive pressures and questions about product innovation and distribution as factors influencing the company’s performance.
Some consumers discussing the decline have similarly focused on product quality and competition rather than politics.
That distinction is important because Nike’s Betsy Ross decision occurred seven years before the latest stock decline. The company’s market value has since been influenced by changing consumer preferences, competition and broader financial expectations.
