Nike’s stock took a hit as concerns grew over the company’s ability to compete with newer brands like On and Hoka. The worst day in its history saw a 20% drop, wiping out $28.4bn in market valuation. With a forecast predicting a decrease in revenue and a decline in market share, Nike is facing tough times. Rivals and sportswear retailers worldwide were also affected, with some seeing significant drops in stock value. To combat the decline, Nike is cutting costs, adjusting product lines, and focusing on sustainability. Analysts are calling for potential management changes, as CEO John Donahoe's five-year commitment nears its end. Despite challenges, there is confidence in Nike’s future, with plans in place for recovery. However, the burden of proof lies in management's execution as the company navigates this difficult period.