The Nike CEO's memo to his employees was 860 words. 

But here were the 33 that stuck out: "Over the past year, we've put sport at the center of everything we do. We're seeing encouraging signs of progress, but we have more work to do to win over the long term."

That was sent out on Oct. 1, one day before Nike's stock price closed at $33.87 per share — its lowest in over 12 years. The once unstoppable athletic titan expects more layoffs in 2027 after already cutting staff twice this year.

And you have to wonder if that sentence — "over the past year, we've put sport at the center of everything we do" — was as much a confession as it was a mission statement. Nike chose politics over its core identity, and it's desperately trying to course correct.

Last month, Outkick's Dan Zaksheske listed a series of decisions the company made over the past few years aimed at courting a left-wing audience. In 2019, it tapped Colin Kaepernick as the face of its 30th anniversary "Just Do It" campaign. In the wake of George Floyd's death in 2020, it ran its "For Once, Don't Do it" ad, which included lines like "don't pretend there's not a problem in America," and "Don't turn your back on racism." In 2023, it partnered with female-identifying male Dylan Mulvaney to promote women's leggings and sports bras — seemingly unfazed by the backlash Mulvaney's partnership with Bud Light sparked. There was also the "Equality" commercial in 2017 that featured phrases such as "the ball should bounce the same for everyone."

Now, it wouldn't be fair to say that any one of these campaigns sunk the swoosh's stock on their own. Nike's stock hit an all-time closing high of $177.51 per share in November 2021.

But the fact that it has dipped 81% since then? It's hard not to tie a big chunk of that to the brand's regular offerings at the wokeness altar.

One of its more glaring gaffes within the past couple years is the delay of Caitlin Clark's signature sneaker. As sports writers such as Ethan Strauss and Dan Wetzel have pointed out, Nike didn't drop Clark's shoe until June of this year. Strauss wrote earlier that the company felt like it had to debut A'ja Wilson's sneaker before Clark's despite Wilson ranking fifth in WNBA jersey sales and Clark ranking first. Although A'ja is almost certainly the best player in the WNBA, nothing moves women's basketball fans (or hoop fans in general?) like anything associated with Caitlin.

This wasn't necessarily a case of Nike putting sports on the back burner. But it did reek of identity politics, which has a way of becoming expensive when a company loses sight of what its customers actually want. Nike seems to have realized this, but it took it being knocked out of the S&P 100 for the brass to actually do something about it.

Which brings us back to the aforementioned memo. Nike CEO Elliott Hill didn't use that note to dwell on the company's past campaigns and advertisements. He mentioned Nike establishing a new campus in India. He emphasized accelerating supply chain modernization efforts. He discussed Nike's plan to organize into three geographic regions — Americas (North America and Latin America), APGC (Asia Pacific and Greater China) and EMEA (Europe, the Middle East and Africa).