Nike (NYSE: NKE) stock went tumbling early Tuesday following the announcement that former San Francisco 49ers quarterback Colin Kaepernick inked a new deal with the apparel giant, even though he’s not even playing in the league anymore.

Kaepernick, who hasn’t been able to find a team to sign him since leaving the 49ers after the 2016 season, began the ongoing national firestorm by taking a knee during the national anthem rather than standing at attention. The protest caught on, inflaming the masses and possibly leading in part to the league-wide decline in ratings.

The protests have often caught the ire of President Donald Trump, who has called for players disrespecting the flag, anthem and military to be suspended and even fired.

In addition to protesting during the anthem, Kaepernick also has come under intense fire for wearing socks during warm-ups picturing pigs with police hats on them, an obvious shot at U.S. law enforcement officers.

Kaepernick also took heat for wearing a shirt depicting a 1960 meeting between Malcom X and Fidel Castro bearing the phrase “Like minds think alike.” The shirt was considered highly offensive to Cuban Americans and exiles of the country, who have gone so far as to call Castro “Cuba’s Hitler.”

Attorney Mark Geragos made the announcement of the re-signing with Nike on Twitter on Monday, calling Kaepernick an “All American Icon.”

Kaepernick also posted a Nike ad featuring a close-up of his face with the words: “Believe in something, even if it means sacrificing everything. #JustDoIt”

Nike apparently plans to feature Kaepernick on billboards, television commercials and online advertisements. The company also plans to create an apparel line for Kaepernick and contribute to his Know Your Rights charity.

Nike provides NFL teams with game-day uniforms and sideline apparel bearing the famous swoosh logo. Protestors immediately took to social media, cutting the swoosh off their clothes and even burning Nike shoes.

#NikeBoycott remained one of the top trends on Twitter on Tuesday, with nearly 100,000 tweets bearing the hash tag, sending the company’s stock tumbling down 3 percent by lunchtime. The company had been on track for its biggest gain since September 2014. 

President Trump weighed in late Tuesday, saying that Nike is sending a “terrible message,” telling The Daily Caller that “there’s no reason for it,” but that he also thinks Nike’s ability to make its own business decisions “is what this country’s all about.”

Trump also weighed in on Twitter on Wednesday morning, tweeting that Nike is “getting absolutely killed” while also taking aim at the NFL.

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The Associated Press contributed to this report.