Nike share prices were down over a percentage point on Thursday after Duke freshman sensation Zion Williamson tore his sneaker and subsequently injured his knee at the beginning of Wednesday's game against North Carolina.
A 1 percent downtick for Nike equates to a roughly $1.1 billion loss on paper.
Generation Investment Management, a hedge fund co-founded by former Vice President Al Gore, sold all of its Nike stock on Thursday, according to MarketWatch.com.
Nike says it's investigating why Williamson's shoe split open, but the sportswear giant says it's an 'isolated occurrence.'
The Beaverton, Oregon-based company says it's concerned and says quality and performance of its products are of 'utmost importance.'
After the shoe incident, Puma's basketball Twitter account opportunistically responded: 'Wouldn't have happened in the pumas.'
That tweet has since been deleted.
Teenage prodigy Zion Williamson suffered a freak injury in college basketball on Wednesday
The 18-year-old sensation's left Nike trainer blew out after his foot tore through it
He sprained his right knee after slipping awkwardly and falling as his trainer fell apart
Just over a year ago, Nike had a similar problem with its NBA jerseys, which repeatedly tore during games at the beginning of the 2017-18 season.
The good news for Nike is that over the last year, the stock price is up about 25 percent despite the uproar over the company's decision to make controversial free agent quarterback Colin Kaepernick the face of its latest 'Just Do It' campaign.
Williamson's left shoe fell apart as he planted hard near the free throw line. The blue rubber sole ripped loose from the white shoe from the heel to the toes along the outside edge, with Williamson's foot coming all the way through the large gap.
The shoe malfunction, which forced Williamson to leave the game with a knee sprain, happened in front of a crowd of celebrities, including former President Barack Obama and Spike Lee.
The good news for Williamson is that he may have a backup plan. According to The Action Network's https://twitter.com/darrenrovell/status/1098575732366868481, the South Carolina native has an $8 million insurance policy, which likely cost in the range of $50,000. The school is permitted to pay for the policy, per NCAA rules.
It's not clear how much, if any, Williamson will be able to claim or when.
Nike's disaster is compounded by the fact that the game was a highly-anticipated matchup between bitter rivals that was only intensified by the presence of Williamson.
The 3.2 overnight rating was the highest ESPN had garnered for a college basketball game in 11 years, according to Sports Media Watch.
Tickets at the intimate, 9,134-seat Cameron Indoor Stadium were going for at least $2,500 ahead of Wednesday's game. One fan paid as much as $10,000 on a re-ticketing website.
Duke students, meanwhile, camped out for as long as 39 days in the open quad known as 'Krzyzewskiville' for tickets to see Williamson play for 33 seconds against the rival Tar Heels.
Williamson, the ACC's second-leading scorer at 22.4 points per game and arguably the most exciting player in college basketball, walked off with a slight limp but under his own power before heading back to the locker room with no shoes on his feet.
Without mentioning Nike by name, James - who endorses the brand - tweeted at Williamson
Williamson received support from LeBron James and Barack Obama, the latter of whom was in attendance in Durham, where tickets were going for as much as $10,000 on Wednesday
The parody accounts began popping up in the immediate aftermath of Williamson's injury
Some students camped out as long as 39 days, leaving only to go to class, to get tickets to see Duke host rival North Carolina. Duke Students traditionally camp in an area near Cameron Indoor Stadium known as 'Krzyzewskiville' after the team's head coach
No. 8 North Carolina took advantage of Williamson's absence to beat the Blue
