Nike Shares Fall After Debut Of 'Just Do It' Campaign Featuring Colin Kaepernick

Shares of Nike Inc. (NKE) dropped roughly 3 percent Tuesday morning following the release of a new ad featuring former NFL quarterback Colin Kaepernick, who is currently suing team owners for colluding to keep him out of the league.

The sportswear company’s share price fell to $79.75 in pre-market trading after Kaepernick tweeted the ad via his official Twitter account on Monday. "Believe in something, even if it means sacrificing everything. #JustDoIt," he wrote in the photo's caption.

The new multi-year deal with Kaepernick will feature apparel including a shoe and t-shirts. Odell Beckham Jr., Lacey Baker, Serena Williams and LeBron James are among other athletes involved in the campaign.

The advertisement comes as Nike celebrates the 30th anniversary of its iconic "Just Do It" campaign. Kaepernick and Nike already had an endorsement deal from when he entered the NFL in 2011. However, that contract was expiring soon and has now been renewed.

"We believe Colin is one of the most inspirational athletes of this generation, who has leveraged the power of sport to help move the world forward," Nike North America vice President Gino Fisanotti told ESPN. "We wanted to energize its meaning and introduce 'Just Do It' to a new generation of athletes."

Nike and the NFL announced a 10-year partnership extension in March. Through that contract, Nike will provide 32 teams with uniforms and other gear bearing their swoosh logo. The original deal began in 2012 and in 2015 it was expanded to 2018.

Kaepernick, 30, began kneeling in protest of police brutality and racial injustice during a national anthem performance in a 2016 preseason game. Other NFL players have taken a knee before or during "the Star-Spangled Banner," prompting condemnation from President Trump.

In an ongoing legal case, Kaepernick alleges that the league has conspired to keep him off a roster due to his political opinions. Kaepernick played his entire career with the San Francisco 49ers, leading the team to the Super Bowl in 2013. He last played on Jan. 1, 2017.