Ted Cruz takes victory lap as iconic American brand's stock plunges to 12-year low

Senator Ted Cruz of Texas posted on social media that Nike's decision to cancel a Betsy Ross flag-themed shoe was evidence of the brand's "marketing plan." Cruz had previously called for a boycott of Nike in 2018 following the company's decision to feature Colin Kaepernick in an advertising campaign. Nike's stock price declined to a 12-year low, though no direct connection between Cruz's statement and the stock movement was established in available reporting.

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