Nike exits the S&P 100 after 18 years and a $200B market-cap wipeout
Nike is exiting the S&P 100 after 18 years, following a significant market cap decline of over $200 billion since its 2021 peak. The company's shares have dropped 78%, and its underlying business, particularly in Greater China, has deteriorated, leading to its removal from the benchmark index.
Why it matters
This event signifies a major shift in the U.S. blue-chip index, reflecting broader economic trends away from traditional retail towards information technology, and highlights challenges faced by established consumer brands in a changing market landscape.
One of the largest sports and athletic-wear companies of the modern day may be disappointing its namesake. Nike , the sportswear company named after the Greek goddess of victory, is losing its spot in the top 100 U.S. companies for the first time in nearly two decades. The athletic apparel giant lost over $200 billion in market cap since its all-time high in 2021, a near 80% drop in just the five years that have passed, and a plummet so severe that the once mighty company is no longer listed on the S&P 100.
From the company’s $264 billion peak in Nov. 2021 (when Nike shares traded at $179.10), the company is currently worth roughly $57 billion today, down 78%, as shares for the company are currently trading at around $38 apiece.
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