Nike Inc (NYSE:NKE, XETRA:NKE) shares are set to open about 2.6% higher after it was disclosed that the athletic apparel and footwear brand’s CEO Elliott Hill has purchased $1 million in shares.
According to a Form 4 filing with the US Securities and Exchange Commission, Hill bought 16,388 shares of Nike Class B stock on December 29 at an average price of about $61.10 per share, for a total investment of approximately $1 million.
After the transaction, Hill directly owns about 241,587 shares of Nike, increasing his personal holdings by a little over 7%.
The purchase represents Hill’s first open-market acquisition of Nike stock since returning to the company as CEO in October 2024, when he replaced former chief executive John Donahoe.
This comes after it was disclosed last week that Nike board member and Apple CEO Tim Cook purchased nearly $3 million worth of Nike shares.