Beaverton, Oregon: Basketball star Michael Jordan stunned the sports and fashion industries when he announced his resignation from the Nike board of directors. He mentioned the company’s recent embrace of “woke” culture as his excuse.

Michael Jordan

Six-time NBA champion Michael Jordan was reportedly becoming more and more irritated with Nike’s recent attempts to support progressive social causes, particularly the company’s choice to include controversial activist Colin Kaepernick in a recent ad campaign, according to people close to Jordan.

Jordan made the following comment in a statement made public by his publicist: “I have been with Nike since the beginning, and I have always believed in the strength of its brand.

However, I am unable to continue supporting the company’s current course. Nike has strayed from its core mission of creating amazing things that people like. Rather, political correctness and virtue signaling have taken center stage.

CHARLOTTE, NC - MARCH 1: Michael Jordan attends the game between the Orlando Magic and Charlotte Hornets on March 1, 2023 at Spectrum Center in Charlotte, North Carolina. NOTE TO USER: User expressly acknowledges and agrees that, by downloading and or using this photograph, User is consenting to the terms and conditions of the Getty Images License Agreement. Mandatory Copyright Notice: Copyright 2023 NBAE (Photo by Kent Smith/NBAE via Getty Images)

Jordan’s exit is already significantly affecting Nike’s financial results. Following his declaration, the company’s stock price fell by almost 5%, erasing billions of dollars’ worth of market value.

Although the Air Jordan brand was a mainstay of the company’s product range for decades, its demise may have dealt Nike the greatest hit.

Nike will no longer be allowed to manufacture or market the renowned footwear since, according to sources, Jordan has chosen to take the Air Jordan trademark with him.

A Michael Jordan representative declared, “I can confirm that Michael Jordan is no longer associated with Nike in any way, shape, or form.”

“He plans to pursue additional opportunities in the sports and fashion industries, and he has chosen to bring the Air Jordan brand along with him.”

A significant blow to Nike has been the passing of Michael Jordan and the Air Jordan name. But for Jordan, it’s an opportunity to choose his own direction, unencumbered by the limitations of a business that he feels has lost its way.

In his statement, Jordan expressed his excitement for the future and the chances that lay ahead. I’ll always be appreciative of my time spent working at Nike, but it’s time to move on and concentrate on what truly counts: making amazing goods that people like.