§ Claim under review · Fact
"Nike will be removed from the S&P 100 on September 21, 2026, after an 18-year run, while its stock has plunged nearly 80% from its 2021 peak of $179.10 to $38.40, wiping out about $230 billion in market value."
Verdict
Mostly accurate
Confidence
HighSummary
This one largely checks out. S&P Dow Jones Indices announced on 4 September 2026 that Nike will leave the S&P 100 before trading opens on 21 September 2026, while staying in the S&P 500. Nike joined that index in December 2008, so the run is close to 18 years rather than a full 18. The price figures are real: Nike's all-time high was $179.10 on 5 November 2021 and it closed at $38.40 on 4 September 2026, a fall of about 78.6%. The weakest number is the "$230 billion wiped out" claim, which is higher than every published estimate found, with those running from roughly $207 billion to about $224 billion as of 8 September 2026, partly because Nike has bought back a lot of shares since the peak so the market cap drop is smaller than the price drop implies. The caption also says revenue fell 2% year over year, but Nike's own results release says full year revenue of $46.4 billion was flat on a reported basis and down 2% only on a currency-neutral basis. The claimed 11% Greater China decline could not be verified here, and the removal itself takes effect after this check was made. General information only, not financial advice.
The readings
key figures from the evidenceNike all-time intraday high, 5 Nov 2021
Nike closing price, 4 September 2026
Why this verdict
Evidence
The index action is real and dated. S&P Dow Jones Indices announced on 4 September 2026 that changes to the S&P 500, S&P 100, S&P MidCap 400 and S&P SmallCap 600 would take effect prior to the open of trading on Monday, September 21, 2026, to coincide with the quarterly rebalance. Named outlets reading that release report the S&P 100 leg as four out and four in: the announcement was made on 4 September 2026, ends a run in the S&P 100 lasting close to 18 years, and the S&P 100 change is four out and four in, with Nike, Honeywell Aerospace, Simon Property Group and Colgate-Palmolive leaving , replaced by Dell Technologies, Palo Alto Networks, Arista Networks and SanDisk, moving up from the wider S&P 500, with Nike keeping its S&P 500 membership .
On the start date, Nike joined the S&P 100 in December 2008 , and it stayed on the index for 18 years without interruption . December 2008 to September 2026 is roughly 17 years and 9 months, which is why several outlets write "nearly 18-year run" .
On price: NKE reached its all-time high on Nov 5, 2021 at 179.10 USD , and the latest closing price as of September 04, 2026 was 38.40 . That figure is an intraday, unadjusted high; on a closing basis the same date's high was $163.63 , and dividend-adjusted $161.91 . From $179.10 to $38.40 is a 78.6% decline, consistent with reporting that shares dropped 78% from a $177 to $179 peak in November 2021 to $38.40 near 12-year lows .
On the market value destroyed, published estimates cluster below the post's number. Fortune states that 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, down 78% , which is roughly a $207 billion decline. Other counts run higher: Nike will leave the S&P 100 before trading opens on 21 September 2026 but will remain in the S&P 500, the Dow and on the NYSE; the stock has fallen 78.6% from its unadjusted November 2021 peak while market value has declined by about $224 billion . Current market cap is corroborated at approximately $56.19B as of 08 September 2026 .
On fundamentals, Nike's own release states that full year revenues were $46.4 billion, flat on a reported basis and down 2 percent on a currency-neutral basis, with fourth quarter revenues of $11.0 billion, down 1 percent reported and down 4 percent currency-neutral .
Findings
✓ What's accurate 8
- S&P Dow Jones Indices announced on 4 September 2026 that Nike will be deleted from the S&P 100 effective prior to the open on 21 September 2026.
- Nike remains in the S&P 500, as the post itself states in its caption.
- Nike joined the S&P 100 in December 2008, making the run close to 18 years.
- The 2021 peak figure of $179.10 matches Nike's all-time intraday high of 5 November 2021.
- The $38.40 figure matches Nike's closing price on 4 September 2026, the date shown on the post's chart.
- "Nearly 80%" is a fair description of the 78.6% decline measured from that intraday peak.
- FY2026 revenue of $46.4 billion matches Nike's own fourth quarter and full year release.
- Approximately $57 billion for current market cap is consistent with data as of 8 September 2026.
≈ What's misleading 4
- Exaggeration: the post states "about $230 billion in market value wiped out." Published estimates using Nike's own peak and current capitalisation run from roughly $207 billion (Fortune's $264 billion peak against roughly $57 billion now) to about $224 billion. The post's figure sits above the top of that range. The gap matters because the market cap decline is not a simple function of the share price fall: Nike has retired a large share count through buybacks since 2021, so applying the 78.6% price drop to the peak capitalisation overstates the value destroyed.
- Omitted qualifier: "$179.10 peak" is the unadjusted intraday high. On a closing basis the peak was $163.63, and adjusted for dividends $161.91. Measured from those, the decline is roughly 76.5%, which is why the post's own chart reads -76.53% while its headline reads 80%. The post presents one basis in the text and a different basis in the image without labelling either.
- Omitted qualifier: "FY2026 revenue: $46.4 billion, down 2% YoY" drops the basis. Nike's own release reports full year revenue as flat on a reported basis and down 2 percent only on a currency-neutral basis. The post presents the currency-neutral figure as the headline year-over-year change.
- Exaggeration: "after an 18-year run" rounds up. December 2008 to September 2026 is about 17 years and 9 months, which is why the wire and specialist coverage says "nearly 18 years." This is minor and does not change the substance.
? What's uncertain 5
- I retrieved the S&P DJI press release page and its effective date, but the excerpt available to me did not display the Nike deletion line itself. The Nike-specific detail rests on multiple independent named outlets reading that same release, including one that describes the deletion and addition pairings in the document. The index action itself is not in doubt; the verbatim line is not something I read directly.
- The claimed peak market capitalisation is not stated by the post, so the $230 billion figure cannot be reconciled to a specific share count and date. Peak capitalisation estimates differ by roughly $16 billion across sources, which is the main source of the disagreement over the wipeout number.
- The "Greater China revenue: -11% in FY2026" line in the caption could not be verified against Nike's segment disclosures within this investigation. It is neither confirmed nor contradicted here.
- The removal takes effect on 21 September 2026, which is after the verdict date. Index providers retain discretion to amend announced changes, so the effectuation, as distinct from the announcement, has not yet occurred.
- The post's attribution of the decline to specific causes (product momentum, Hoka and On, China, direct-to-consumer, discounting) is a commentary judgment. Contributing causes are widely discussed in the coverage, but no source establishes the relative weight of each, and this report does not grade that list.
Sources
9 of 9 linked to recordsS&P Dow Jones Indices press release, "Bloom Energy, Illumina, and Everpure Set to Join S&P 500; Others to Join S&P 100, S&P MidCap 400, and S&P SmallCap 600," dated 4 September 2026
NIKE, Inc. investor relations, "NIKE, Inc. Reports Fiscal 2026 Fourth Quarter and Full Year Results"
Fortune, "Nike exits the S&P 100 after 18 years and a $200 billion market-cap wipeout," 8 September 2026
Seeking Alpha news, "Nike booted from S&P 100 after nearly 18-year run," 7 September 2026
WWD / Footwear News, "Nike and This Retail Giant Will No Longer Be Part of This Prestigious S&P Index"
FinanceFeeds, itemising the three separate index actions in the same release
Macrotrends NKE price history
TradingView NKE symbol page
Capital.com Nike market cap page