The company's stock fell roughly 3% on Tuesday but is still up nearly 30% in 2018.
Nike shares dipped slightly on Tuesday, one day after the company announced its 30th anniversary "Just Do It" campaign featuring former NFL quarterback Colin Kaepernick.
Nike stock closed at 82.20 on Monday night, but shares fell 3.16% on Tuesday to close at 79.60.
Nike's stock is still up nearly 30% in 2018. Other competitors also fell Tuesday, with Adidas dropping 1.85% and Puma falling 1.83% in the U.S. The Dow Jones Industrial Average closed down 12.34 points on the day.
Kaepernick has been on the company's endorsement roster since 2011, but had not been featured in a Nike ad in two years. That changed with the surprise announcement of the 30th anniversary campaign. The campaign also features Serena Williams, Odell Beckham Jr., Shaquem Griffin and LeBron James.
Nike's ad campaign drew praise and criticism on social media. #NikeBoycott began trending on Twitter, while big names like LeBron James and former 49ers safety Eric Reid publicly praised the campaign.
Kaepernick started kneeling during the national anthem in August 2016 to protest racial inequality and police brutality. The protests drew national attention, sparking controversy and debate across the country and within the NFL. The protests continued with other players when Kaepernick did not sign with a team for the 2017 season.
Since opting out of his contract with the 49ers in March of 2017, Kaepernick has been unable to secure another contract.
"Believe in something. Even if it means sacrificing everything," the ad reads.
"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," Gino Fisanotti, Nike's vice president of brand for North America, told ESPN.