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Source: Michael Vi / ShutterstockSoFi Technologies (NASDAQ:SOFI) stock is on the move Wednesday as investors react to a multiyear contract with NFL player Justin Herbert.
According to a press release from SoFi Technologies, this will have the Los Angeles Chargers quarterback appearing in a new brand campaign. That includes a television commercial, as well as other advertisements.
SoFi Technologies’ decision to partner with Herbert follows a successful Break Up With Bad Banking campaign during Super Bowl LVI. The company also notes that the partnership grants Herbert an equity stake in SOFI stock.
SOFI Could Benefit From Celebrity Endorsement
The NFL quarterback 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 help it reach more customers. That’s typically why companies bring in celebrities to advertise their products for them.
SOFI stock is up 1.3% as of Wednesday morning but is still down 63.5% since the start of the year.
Investors looking for more of the hottest stock market news today are in luck!
InvestorPlace is home to all of the biggest stock market stories traders need to know about for Wednesday! Among those is what has shares of Figs (NYSE:FIGS), Spero Therapeutics (NASDAQ:SPRO), and software stocks are in the news today. You can read up on all of that at the following links!
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On the date of publication, William White did not have (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.
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