SoFi Technologies (NASDAQ: SOFI) stock fell on Tuesday amidst broader market weakness, notwithstanding a groundbreaking partnership announcement with the National Basketball Association (NBA).
The National Basketball Association (NBA) and SoFi have just unveiled a multi-year partnership, marking SoFi as the official banking partner of the NBA, NBA G League, NBA 2K League, and USA Basketball. In addition, SoFi will be the official entitlement partner of the upcoming SoFi NBA Play-In Tournament.
SoFi has also partnered with Jayson Tatum, a five-time NBA All-Star, to launch the SoFi Generational Wealth Fund. SoFi is contributing $1 million to this initiative, aimed at fostering financial literacy and building enduring family wealth for the future.
The SoFi NBA Play-In Tournament, scheduled for April 16-19, will feature teams that finish the regular season with the seventh to tenth-highest winning percentages in each conference, all vying for a spot in the NBA Playoffs presented by Google Pixel.
As part of this partnership, a co-branded SoFi NBA Play-In Tournament logo will substitute for the official tournament logo. Expect to see this logo promoted throughout the NBA season, during each tournament game, across the global social media community of the NBA, and on in-arena signage.
The CEO of SoFi, Anthony Noto, expressed excitement about the NBA alliance. He affirmed the eagerness of SoFi to strengthen its brand reputation through the comprehensive reach of the NBA.
He added,
“As the next generation of banking, we believe we can help millions of NBA fans nationwide achieve their financial goals and get their money right.”
SoFi Technologies (NASDAQ: SOFI) Stock Reaction
SOFI stock declined 3.72% to close at $8.02 on Tuesday. The traders had exchanged hands with 62,508,523 (62.50 million) shares compared to the average daily trading volume of 51.24 million.
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