Bill Ackman said that the chief executive of Nike apologized over a billboard that “made light of the Holocaust” by using the slogan “Never again” — though the apparel giant has not confirmed the billionaire hedge fund manager’s claim.
“I spoke to Elliott Hill, CEO of @Nike who apologized for the gaffe,” Ackman wrote on X on Monday.
“Nike is in the midst of a turnaround which makes mistakes more likely to occur with talent turning over etc. Elliott is the right choice to fix the company, and he clearly has a lot of work to do.”
Ackman added: “I am confident he will get it done.”
Ackman, whose company amassed a significant stake in Nike last year, sharply criticized apparel maker this past weekend over the billboard displayed during the London Marathon, labeling the advertisement as featuring “Hitler-red” imagery.
“The idea that @Nike would make light of the holocaust using Hitler-red imagery in a post-October 7th world is stunning. Heads need to roll. WTF Nike?” Ackman tweeted over the weekend.
His comment references the October 7, 2023 Hamas attacks in Israel, which heightened sensitivities around antisemitism globally.
The slogan “Never Again” has been commonly adopted within marathon communities to humorously signify the rigorous challenge runners feel upon completing a race, promising themselves to “never again” endure the taxing ordeal — only to run again later.
“The billboard in question was placed near the finish line and is based on runner insights that this is something runners say to themselves as they complete a marathon,” a source familiar with the matter told The Post.
However, the same phrase also holds profound significance, primarily recognized worldwide in remembrance of Holocaust victims and is associated with the commitment to prevent genocide and atrocities akin to those perpetrated during World War II.
Others also blasted Nike.
“To take a slogan about the Holocaust, and use it for entertainment, is simply grotesque,” Rabbi David Schlusselberg wrote on X.
When reached by The Post, Nike said that it had removed the billboard — though the company did not address Ackman’s claims of an explicit apology from Hill, who assumed the reins as CEO last fall.
“We did not mean any harm and sincerely apologize for any we caused,” the company told The Post.
“The London billboards were part of a broader campaign built on runners’ insights and designed to motivate runners to push past what they think is possible.”
Nike said that it “condemns any form of antisemitism.”
“The language should not have been used, and the billboards have come down.”
Last year, Ackman’s Pershing Square Capital Management took a major stake in Nike, later converting the $1.4 billion equity position into deep in-the-money call options to boost upside potential while limiting downside risk, according to The Motley Fool.
Though these options won’t appear in public filings, Pershing has actually increased its exposure to the struggling brand, betting on a major turnaround under Hill.
Ackman believes Nike’s renewed focus on core sports products and wholesale partnerships could revitalize the brand, but acknowledges that the recovery will take time.
Nike has seen its stock price dip by nearly 40% in the last five years due to strategic missteps like an overemphasis on lifestyle products, a faltering direct-to-consumer push and inventory issues that hurt margins.
At the same time, rising competition from brands like Adidas, On Running, Hoka, and Lululemon has eroded Nike’s market share and challenged its dominance in both performance and lifestyle segments.
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