Sportswear company NIKE is set to leave a key stock index later this month, marking the latest blow to the brand as its stock continues to plunge downwards.

NIKE will formally leave the S&P 100 on Sept. 21, according to Yahoo Finance. It will remain on the S&P 500, however. Stock in the company is down almost 77% over the past five years, marking a dramatic drop from its 2022 peak. 

Conservative pundits and analysts alike made light of the development, satirizing the company for its embrace of left-wing political ideology. Consumers Research Executive Director Will Hild, for instance, posted a parody of the company's ad with former NFL quarterback Colin Kaepernick, with the caption "believe in something. Even if it means sacrificing your entire market cap."

The brand heavily featured Kaepernick in its marketing. The former football star achieved national attention during the Black Lives Matter movement after he began a trend of kneeling during the National Anthem at games.

Ben Whedon is the Chief Political Correspondent for Just the News. Follow him on X.