Tech investor says Nike lost its way after record stock drop

Nike shares recently suffered their worst fall in history, erasing billions of dollars in market value. Venture capitalist Chamath Palihapitiya points to a shift in the company's core identity as the main cause behind the drop. He states that mastery and excellence became too traditional for the brand. To fix this, Palihapitiya suggests Nike must refocus on motivating buyers by highlighting the hard work of top athletes. The company is currently struggling to deal with shifting buyer habits and rising market competition.