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Nike’s CEO has come to a startling conclusion about his company: It turns out that an athletic-wear corporation sells athletic wear, not politics.

In an employee memo reported this week, Elliott Hill admitted that the company had been spending most of 2026 putting “sport at the center of everything we do,” as the company’s share price drops and the brand loses market share.

The U.K. Daily Mail’s Sophia Baum asked the central question:

“Because if sport is now back at the center of Nike, investors could reasonably ask: what was at the center before?”

The question kind of answers itself. The company’s recent fortunes have followed the rise and fall of wokeness, with both sales and the company’s shares dropping precipitously.

It’s often difficult to know what product Nike is actually selling. While the company’s advertising and identity has always tracked left of center — it famously featured an HIV-positive runner in  a commercial in the 1990s, along with Charles Barkley’s “I Am Not a Role Model” spots — those ads still featured........

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