SoFi Technologies (NASDAQ:SOFI) stock is on the move Wednesday as investors react to a multi-year contract with NFL player Justin Herbert.
According to a press release from SoFi Technologies, the Los Angeles Chargers quarterback will appear in a new brand campaign. That includes a television commercial as well as other advertisements.
SoFi’s decision to partner with Herbert follows the company’s successful “Break Up With Bad Banking” campaign during Super Bowl LVI. The company notes that the new partnership grants Herbert an equity stake in SOFI stock.
SOFI Could Benefit From Celebrity Endorsement
NFL quarterback Justin Herbert said the following about the deal in a news release:
“Given our shared values and the fact that I am already a SoFi member, I’m thrilled to partner with SoFi in an official capacity to help guide myself and others to financial success […] In order to set myself up for success – both on and off the field – it’s critical to build and maintain great relationships, especially when it comes to my finances.”
SoFi Technologies is likely hoping this new partnership will allow it to reach more customers. That’s typically why companies bring in celebrities to help advertise their products.
SOFI stock is up 1.3% as of Wednesday morning but still down more than 63% since the start of the year.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.