Txdigest.com

Ultra-woke sportswear giant Nike’s stock took a tumble of more than ten percent Friday after news broke that the company was looking to cut a whopping $2 billion from its budget and news of its weak sales outlook for the near future.

The company reported that it is footing the bill for $450 million in severance payments to employees who are taking buyouts or being otherwise cut from the company. The company’s Chief Financial Officer Matt Friend told investors Thursday that the costs will be sustained largely in the third quarter.

The costs are more than double its workforce cutback in 2020 when they paid out just over $200 million in severance payments.

Nike has not yet told investors what jobs are on the line, and workers have not been individually contacted about losing their jobs thus far.