Nike shares edged lower early Monday after a weekend marked by an apology over a Converse advertisement that critics said evoked racist imagery and the end of the company’s nearly two-decade advertising partnership with Kylian Mbappé. Rep. Troy Carter, D-La., criticized Nike and Converse and demanded details about the campaign’s decision-making process, including whether Black people were involved and heard. Mbappé, the all-time World Cup goal scoring leader and No. 12 on Forbes’ list of the highest-paid athletes of 2026, signed with Swiss-based athletic apparel company On instead. Nike shares had fallen nearly 50% over the past year, and the company was removed this month from the S&P 100, an index of major U.S. companies, after losing more than $200 billion in market capitalization over five years. On’s shares rose nearly 4% after news of the switch was reported last week.