Disney’s stock value has plummeted drastically since the company decided to go head-to-head with Florida Republican leaders over a controversial sex-ed bill that LGBT activists say marginalizes members of their community.
The market cap of the Walt Disney Company, that is, the total value of all the shares of the company’s stock, has plummeted by $34 billion since its leadership publicly opposed the passage of the Parental Rights in Education Act, which critics misleadingly labeled the “Don’t Say Gay” bill.
Signed into law late last month by Governor Ron DeSantis, the law restricts sexual education instruction in Florida schools and Disney, after intense public criticism for failing to comment on the legislation as it is in a state where the company’s Walt Disney World has a large presence, denounced the bill and later vowed to oppose it.
Since then, company executives have revealed plans to infuse more LGBTQ+ storylines and characters into its children’s programming.
“Based on 1.82 billion outstanding shares and on the March 28 share price of $136.90, Disney’s market cap stood at about $249.2 billion,” The Epoch Times reported. “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.”
Last week, DeSantis signed into law a bill that strips Disney of its special governing status in the state, which as been in place since 1968.
Critics of Florida Republicans say that this was a political attack on a private company that was merely exercising its First Amendment rights, but lawmakers say that the bill was necessary to curb Disney’s tremendous public and political influence.
“I was very clear about saying, ‘You ain’t influencing me. I’m standing strong right here,’” DeSantis said while singing the bill.
“Incredibly, they say, ‘We are going to work to repeal parents’ rights in Florida,’” he said of Disney’s vow to fight the Parental Rights in Education Act.
“And I’m just thinking to myself, you’re a corporation based in Burbank, California, and you’re going to marshal your economic might to attack the parents of my state. We view that as a provocation, and we’re going to fight back against that,” he added.
If you appreciate the work we are doing for faith, family, and freedom, please consider a small donation to help us continue. Thank you so much!
