Nike Tumbles Out of Top Index as Market Cap Plummets $200 Billion

Nike, one of the world's largest sports and athletic-wear companies, is losing its spot in the S&P 100 for the first time in nearly two decades. The company's market capitalization has plummeted by over $200 billion since its all-time high in November 2021, a near 80% drop in just five years.

The athletic apparel giant's current worth is around $57 billion, down from $264 billion at its peak. Shares for the company are currently trading at around $38 apiece, a significant decline from their price of $179.10 in November 2021.

Nike will exit the S&P 100 on September 21, but it will still remain in the S&P 500. The reshuffling is due to a multi-year decline for the company and changes in market capitalization ranges.