Disney’s stock has taken a beating.
According to a report from The Washington Free Beacon, the House of Mouse stock price has been on a steady downward trajectory since feuding with Florida Governor Ron DeSantis over his Parental Rights in Education Act (mislabeled the “Don’t Say Gay” bill).
From The Free Beacon:
By the numbers: Disney stock was trading at $133.65 a share when Chapek accused DeSantis of promoting legislation that would “unfairly target gay, lesbian, nonbinary, and transgender kids and families.” Disney shares opened at $89.44 and continued to fall on Wednesday ahead of DeSantis’s formal entry into the 2024 presidential campaign.
• That’s a decline of 33.1 percent in a little over 14 months.
• Disney announced Wednesday it was preparing to heartlessly fire more than 2,500 employees in an effort to save money.
• DeSantis was reelected in November 2022 by a margin of 19.4 percentage points.
During a recent event, DeSantis assured his supporters he’s in the fight for the long haul: “I’m not backing down one inch,” the governor said.
DeSantis and Disney are currently locked up in court —but the judge recently had to recuse himself. U.S. Chief District Judge Mark Walker has a relative with a financial interest in Disney.
“Even though I believe it is highly unlikely that these proceedings will have a substantial effect on The Walt Disney Company, I choose to err on the side of caution — which, here, is also the side of judicial integrity — and disqualify myself,” Walker wrote in a 14-page order. “Maintaining public trust in the judiciary is paramount, perhaps now more than ever in the history of our Republic.”
More over at The Free Beacon:
Disney Stock Down 33 Percent Since CEO Instigated Feud with DeSantis
— Washington Free Beacon (@FreeBeacon) May 24, 2023