Posted on 12/26/2023 6:48:42 PM PST by SeekAndFind
And Disney takes another blow on the chin, this time from South Carolina.
According to Moneywise, South Carolina State Treasurer Curtis Loftis has divested the state's money from Disney over the corporation not doing its fiduciary responsibility. Loftis blamed a "structural rot" within the company that he doesn't see it getting away from:
“I think it's clear to anybody paying attention that there's a structural rot inside of Disney. It's deep, it’s pervasive, and I suspect Bob Iger, since his return as the CEO, now realizes it can't be fixed,” he told Fox Business Digital, adding that it “does not bode well” for the future of the company.
The amount of money South Carolina is pulling out of Disney isn't small either:
Fox Business Digital reported that the portfolio of the State Treasurer's Office included $105 million in Disney debt securities, which will not be renewed upon maturity. In total, Loftis is responsible for managing $67 billion in public funds.
Loftis nails down Disney's decline into lunacy as a product of ESG criteria, and he's not wrong. Environmental, Social, and Governance checklists stop a company from focusing on making the best product it can and more on fulfilling left-leaning agenda items.
"People sometimes forget that ESG has nothing to do with investing,” said Loftis. “ESG is a speech and behavior code that was … created by the left and delivered to everybody else under these virtuous circumstances, or presumed circumstances."
Loftis also noted that Disney's leadership is now a mess of incompetence and activism.
“The sane, sober, talented, mature people are gone, and now you have the gender studies crowd running Disney,” said Loftis. “That's why their movies are flops and their market cap, I think, is about half what it used to be. It's a tremendous loss to America, we all grew up on Disney.”
Loftis doubts that his divesting his state's funds in Disney will ultimately kill the company but, like the Joker from "The Dark Knight," he made it clear that it's not about the money, it's about sending a message.
“We're not going to cause Disney any real harm,” he said. “I just want other people to see that you can stand up to these people and you live to invest another day. There are plenty of good investments out there that aren't as risky as Disney.”
As RedState has covered deeply, Disney has allowed itself to be ruled by politics and leftist social agendas rather than imagination, creativity, and quality, sending audiences away and its market value plummeting. Disney is more than aware of the effect that its politicizing its product has had on the company and yet it can't seem to get away from it.
(READ: Disney Admits It's Feeling the Wrath of Angry Consumers in SEC Filing)
This has caused Trian Management, led by Nelson Peltz, to swoop in and buy up Disney stock in great quantity. Peltz's aim is to put Trian employees on the Disney board and begin steering the company back into a position where it can regain public trust and make quality movies. However, Iger and Disney are showing great resistance to this and signaling they can right the ship without Peltz's help.
I'm not exactly confident that's true.
READ: Disney's Resistance to Nelson Peltz's Influence Is Concerning
In any case, Disney can't seem to stop bleeding out and this divestment from South Carolina may not be the last.
Nikki Hayley disappointed.
Nikki wanted to recruit this disease to her state.
Just say no to Nikki and the plastic rat.
It’s a shame to see what Disney has become.
Iger and company are doing exactly what they were put in place to do. To think Iger is there for any other reason is moronic.
That’s why it’s time to cut the head off of the snake 🐍.
This looks terrible
My favorite movie reviewer online is The Critical Drinker. His review of the new Snow White is really a masterpiece.
You can see it on Youtube: “The New Snow White Looks Hilariously Bad”
Because of the grooming and wokeness coming out of Disney, they have lost something like 800 million this past year, if I am correct, on their all around entertainment.
Critical Drinker has had discussion on the rot. Its so deep and widespread that much of the company would have to be fired and no one over there has the guts to do what is right. And I have many favorite reviews of his; but this time I will just mention the "Willow" episode.
I think Vanguard publicly mentioned they are getting out of the ESG business. There are speculations that Black Rock is quietly getting out of those unprofitable areas as well. Most likely because of the possibility of lawsuits for not doing their fiduciary responsibility.
I hope thats true but its more likely their gonna repackage it under a different name. The number of activists that have been embedded in these firms is mindboggling and they are not going away quietly.
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