He went to work for "Newsweek" in 1968 and covered the Summer Olympics in Mexico City. While in Mexico City, Axthelm played a minor role in the protest by Tommie Smith and John Carlos at the medal ceremony for the 200 meters. Axthelm, who covered the Games wearing a button bearing the letters OPHR (Olympic Project for Human Rights, an organization founded by Harry Edwards), had befriended Smith and Carlos during the Games. Instead of sitting in the press box for the 200 m final, Axthelm was in the stands with their wives. The two sprinters won medals, Smith gold and Carlos bronze, and Axthelm then ran out of the stands to meet them before the medal ceremony. Carlos had worn an OPHR button during his run, but Smith had not; when Smith asked for a button, Axthelm took his button off and handed it to Smith.