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Tags: walt disney company | woke | stock price | low | bob iger | ron desantis

Disney Stock at 9-Year Low, Anti-woke Boycott Continues

bob iger smiles
Disney CEO Bob Iger (Mark Lennihan/AP)

By    |   Monday, 28 August 2023 04:29 PM EDT

The slogan "go woke, go broke" applies to the Walt Disney Co. after a turbulent 17 months has resulted in its stock price hitting a nine-year low.

Disney, which became a symbol for wokeism after protesting Florida's parental rights law in March 2022, hit a stock price low of $83.53 on Monday.

The company's market cap has fallen from $350.09 billion on March 22, 2022, to $154.04 billion. That's a decline of $196.05 billion — or a 56% drop in market cap.

Earlier this month, Disney missed Wall Street's expectations for quarterly revenue.

The company's financial troubles follow Disney's March 2022 to condemn and fight Florida's Parental Rights in Education law, which forbids any instruction of sexual matters for children in kindergarten through third grade.

Members of the LGBTQ community decried the law with their "Don't Say Gay" campaign. Disney quickly followed suit in advocating against the law and condemning Florida Republicans for passing it.

Gov. Ron DeSantis, R-Fla., and Florida Republican lawmakers fought back against the campaign and Disney, noting the law did not single out any group and called for educators to stay away from all sexual and gender identity matters involving the youngest of school-age children.

In February, DeSantis also moved to take control of what had been Walt Disney World's self-governing district in central Florida.

With his company facing falling profits and economic difficulties as it has sought to embrace the woke agenda, Disney CEO Bob Iger earlier this month announced dramatic increases for its online streaming subscription services Disney+ and Hulu.

Conservatives and Christian groups have been boycotting Disney for its political activism and earlier this year Disney reported Disney+ and Hulu had lost over 4 million subscribers.

Disney's cinema results have seen similar declines.

In June, box office analyst Valliant Renegade reported that Disney had lost nearly $900 million on its past eight studio releases, including "The Little Mermaid" and "Guardians of the Galaxy."

Disney's new live-action "Snow White," expected to be released next year, could ruin the company, a branding expert warned after videos of the film's lead actress surfaced of her depicting the role in the remake as a symbol of feminist iconography.

Even the son of the original "Snow White And The Seven Dwarfs" director chided Disney for pursuing an "insulting" and "woke" remake of the movie.

In March, Disney began 7,000 layoffs from its workforce of 220,000 to cut $5.5 billion in annual costs as it sought to control costs and create a more "streamlined" business.

Iger returned as CEO in November to replace Bob Chapek, who had succeeded Iger in February 2020.

YCharts and Yahoo Finance contributed to this story.

Charlie McCarthy

Charlie McCarthy, a writer/editor at Newsmax, has nearly 40 years of experience covering news, sports, and politics.

© 2024 Newsmax. All rights reserved.


Newsfront
The slogan “go woke, go broke” appears to be coming true at the Walt Disney Co. after a turbulent 17 months has resulted in its stock price hitting a nine-year low.
walt disney company, woke, stock price, low, bob iger, ron desantis
441
2023-29-28
Monday, 28 August 2023 04:29 PM
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