Nike's Stock Plummets 20%, Wiping Out $28 Billion in Shareholder Value, in Its Worst Single-Day Stock Performance Since Going Public in 1980

Nike's stock dropped nearly 20% on Friday, losing $28 billion in shareholder value as the company expects sales to decline in the coming fiscal year. Nike's stock price has dropped steadily since November 2021 from over $177 per share to about $75 per share at the end of last week. It was Nike's worst single-day stock performance since going public in 1980. Nike has laid off 2% of its workforce, cutting $2 billion from payroll costs.