Disney stock hasn’t been doing well over the past year, but it’s dropped even more after the company inserted itself in a battle with Florida Gov. Ron DeSantis against the parental rights bill.
Now, DeSantis has signed the bill into law that will dissolve Walt Disney World’s special, corporate self-governing status on Friday evening.
At the bill signing ceremony, DeSantis said Disney lied about the content of the state’s new “Parental Rights in Education” law, and he viewed the company’s vow to fight it as unacceptable.
“You’re a corporation based in Burbank, California, and you’re gonna 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,” DeSantis said.
The Florida Senate voted 23-16 Wednesday to remove the status and the Florida House followed suit in a 70-38 vote on Thursday.
As we reported, the shrieking in response in the House on Thursday when the bill passed was something else.
BREAKING: The Florida House has voted to revoke Disney's special governing status as Democrats in the chamber throw a literal temper tantrum.
It's heading to DeSantis' desk pic.twitter.com/h8bFwzg1r2
— Greg Price (@greg_price11) April 21, 2022
Disney has been in trouble with its stock down over 31.5 percent over the past year — it’s the worst-performing stock on the Dow. But, now they’ve made things worse by adding in this fight against the parental rights bill.
Disney stock prices dropped 5% on Wednesday, dropped further on Thursday, and have dropped 2.79% more so far today.
Granted, stock prices overall have fallen
500nearly 1000 points today thanks to the America Is Back, Baby NeverTrump-endorsed fake president in the White House, but still: Not a good performance for Disney. Not what its shareholders are looking for.
Not a good move for Disney, when they’re already having issues. Corporations used to know to stay out of politics and not take sides, and certainly not to push radical leftist craziness.
But are corporations now getting the message?
Exxon Mobil has now made an interesting move at its corporate headquarters banning “external position flags” such as PRIDE and Black Lives Matter. Now doubtless, that means any political or other kinds of flags because — wait for it — it’s work and it’s not your personal Twitter page. That would seem a normal position to take, except that, after all the radical leftist moves, especially over the past couple of years, such a normal approach is now acceptable, and frankly so welcome. They still had some employees flip out over it, but they seem to be sticking to their guns — at least for the moment. So good for them for taking a professional position and not just following the crowd. It’s sign things may be turning.
There’s a lesson to be learned here about embracing the woke and the radical left, and the tide may be turning when companies see that it affects their bottom line.
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