Nearly ten years ago, Colin Kaepernick sat, then knelt, for the national anthem for the first time. Fast-forward ten years, and the once-iconic athletic apparel brand that embraced him is also on its knees.

Nike shares have fallen nearly 80% from their 2021 peak, resulting in a catastrophic $200 billion loss in market value. Those staggering economic figures result from massive declines in sales, as the company has failed to keep up with shifting consumer preferences and rising competition.

One of those who not only noticed the precipitous decline of the largest American sports apparel brand but also spoke to the political and cultural reasons behind it is U.S. Senator Ted Cruz (R-TX), who reminded his followers on social media of how Nike lost its patriotic fanbase.

“Sad & predictable,” Cruz wrote on X.

“For my whole life, I wore nearly 100% Nike for athletic wear. Kaepernick pissed me off, but when they canceled the Betsy Ross shoe, it showed that their marketing plan was America-hate. I went out & bought brand new shoes, shorts, t-shirts.”

“Turns out I wasn’t the only one,” he continued. “#GoWokeGoBroke.”

Nike’s decline is quite the turn of events for a company that, only five years ago, posted a share price of $177.51, its highest ever.

The company made no friends when, in 2018, it decided to monetize the controversy surrounding the anthem-kneeling demonstrations of former NFL quarterback Colin Kaepernick by signing him as a prominent figure in Nike marketing campaigns. Kaepernick played his last NFL game in 2016. This led many to suspect that Nike’s decision to sign him in 2018 was solely to monetize the anger he created among those sympathetic to his cause.

Kaepernick defenders long insisted that his anthem-kneeling was not anti-American. That case became much harder to make in 2019, when Kaepernick publicly criticized Nike for its Betsy Ross shoe. The shoe, which was created to be marketed to customers during the 4th of July celebrations that year, harkened back to the design of the famous Revolutionary War-era Betsy Ross flag, with 13 stars in a circle against a blue backdrop.

Kaepernick, however, decided this symbol represented a time when blacks were still enslaved and should not be sold.

Nike caved in to his demands and pulled the shoe.