South Carolina State Treasurer Curtis Loftis this week removed The Walt Disney Company from a list of approved investments due to its "far-left activism," which he said was a sign of "structural rot."
Loftis, a Republican, acts as a banker for the state and manages roughly $70 billion each year. He made the move after news broke that Disney said in a Securities and Exchange Commission report that its political and social activism has harmed the company and its shareholders.
"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 … it does not bode well for the future of Disney," Loftis told Fox News Digital in an interview.
He went on to criticize environmental, social, and governance investing, or ESG, which is a form of sustainable investing that considers the environmental, social, and governance factors when judging the financial prospects of an investment.
"People sometimes forget that ESG has nothing to do with investing. 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 said.
"But really, it's about the transfer of power. And it's been complete at Disney. The sane, sober, talented, mature people are gone, and now you have the gender studies crowd running Disney," he continued. "That's why their movies are flops there, 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."
Theodore Bunker ✉
Theodore Bunker, a Newsmax writer, has more than a decade covering news, media, and politics.
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