Nike exits the S&P 100 after 18 years and a $200B market-cap wipeout

Nike has been removed from the S&P 100 index after 18 years due to a $200 billion market-capitalization wipeout. The company's market value has shrunk from a peak of $288 billion in 2021 to around $88 billion today. The S&P 100 is a list of the 100 largest US companies by market capitalization, and Nike's removal is a result of its significant decline in market value. The company's stock price has also declined by 75% over the past year, making it one of the worst-performing stocks in the S&P 500.