Posted on 04/25/2022 5:33:41 AM PDT by blam
Disney’s market cap has shrunk by nearly $34 billion since the company expressed its full-throated opposition to a Florida law banning instruction of gender identity and sexual orientation in public schools for kindergarten through third grade.
Florida lawmakers in March passed HB 1557, dubbed by opponents as the “Don’t Say Gay” bill, which was signed into law by Gov. Ron DeSantis on March 28.
That same day, Disney waded deeply into the controversy, issuing a statement highly critical of HB 1557 and saying it was the company’s objective to have it repealed.
From March 28, the day the company issued the statement, to April 22, Disney’s market cap has fallen by around $33.9 billion.
Backers of the legislation say it gives parents more power around deciding how and when topics relating to LGBTQ issues can be introduced to their children. It also gives parents the opportunity to sue school districts for violations of the rules set out in the legislation.
“Classroom instruction by school personnel or third parties on sexual orientation or gender identity may not occur in kindergarten through grade 3 or in a manner that is not age-appropriate or developmentally appropriate for students in accordance with state standards,” the bill (pdf) reads.
DeSantis said on March 28, the day he signed the bill, that “parents have every right to be informed about services offered to their child at school, and should be protected from schools using classroom instruction to sexualize their kids as young as 5 years old.”
On the same day that DeSantis signed the bill, Disney issued a statement saying that “Florida’s HB 1557, also known as the ‘Don’t Say Gay’ bill, should never have passed and should never have been signed into law.”
Disney added that it was the company’s goal “for this law to be repealed by the legislature or struck down in the courts.”
Disney’s declaration of opposition to the bill prompted some parents’ groups to call for boycotts of the company’s products, movies, theme parks, and shows.
Based on 1.82 billion outstanding shares and on the March 28 share price of $136.90, Disney’s market cap stood at some $249.2 billion. With its shares having fallen to $118.27 on April 22, Disney’s value as measured by market capitalization has declined to $215.3 billion, a drop of $33.9 billion.
On April 22, DeSantis signed a legislature-passed bill to dissolve Walt Disney World’s self-governing status in Florida, with potential tax implications for the company.
DeSantis on Friday made reference to Disney’s pledge to have HB 1557 repealed.
“The left poisons and destroys everything it touches. “
It’s satan. The left is void of religious direction and satan seizes the opportunity to drag them to hell.
Democrats care more about promoting evil than money.
Democrats care more about promoting evil than money.
Thank you.
I loved Disney and their parks. Why they decided to throw their business model aside to try to advance the queer agenda is beyond my understanding. I guess you would have to live inside the Hollyweird bubble to figure it out.
Same here. I took my kids to both Disney parks in the early 2000’s. We had a great time.
Never again.
I never thought white liberal 'elite' thugs could tarnish Disney.
It was such a beautiful brand... In the early days we'd go - buy a pack of tickets - and spend the day. Back when there were "A" rides and "C" rides and even "E" rides. The tickets you didn't use you'd use the next time.
Walt died before he could create his dream of EPCOT - Experimental Prototype City Of Tomorrow. Walt was the Elon Musk of our time... the city was to be domed - like you see in Science Fiction. Moving walkways would solve transportation problems... lots of great idea. Walt showed a film of the plan in Orlando after the land was bought for Disney World and before work was started to build the park. When Disney died the 'new people' changed the EPCOT ideas - toned it down to nothing...
I remember being in Disney world for two days with my Mom, Aunt and Uncle back in 1977. My highlight was that I rode Space Mountain twice (before it apparently became Safe Space Mountain). We did lots of other great stuff, such as the Haunted Mansion and, IIRC, It’s a Small World. I really enjoyed it.
Now I wouldn’t set foot in that place for all the money in the world.
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