Disney Stock Tumbles Amid Fallout From Florida Controversy

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Disney stocks have tumbled so far in 2022 as the company waded into Floridaโ€™s political arena while Republicans in the state voted to revoke the firmโ€™s self-governing status in the central portion of the state.

The stock hit all-time highs in March 2021, trading at $200 per share. But since then, itโ€™s dropped more than a third to about $119 per share as of April 22, putting the media conglomerate on track to its lowest close in 17 months. As of April 19, Disneyโ€™s stock reached $131.90 but since then, itโ€™s dropped more than $12 per share as of Friday.

The firm has faced targeted criticism in recent weeks after issuing a statement opposed to a bill backed by Florida Gov. Ron DeSantis that prohibits teachers to instruct on sexual orientation and gender identity in children in the third grade or younger, โ€œor in a manner that is not age-appropriate or developmentally appropriate for students in accordance with state standards.โ€

Disney at the time criticized the bill and affirmed its support for the LGBT movement. As a result, some parents groups said they would organize a boycott of the companyโ€™s products, movies, theme parks, and shows.

On Thursday, the Florida House of Representatives voted to pass a bill that would revoke the companyโ€™s special governing and tax status in central Florida, where it operates a 25,000 square-acre parcel of land that includes Walt Disney World and other tourist attractions. A day earlier, the state Senate voted to approve the measure.

DeSantis, a Republican, now has the option of signing the bill into law. In recent weeks, the governor has accused Disneyโ€™s corporate office of adopting a โ€œwokeโ€ ideological framework, adding that Disney is sullying its reputation.

โ€œWhen you have companies that have made a fortune off being family-friendly and catering to families and young kids, they should understand that parents of young kids do not want this injected into their kidโ€™s kindergarten classroom,โ€ he said in March.

The Republican-passed bill drew criticism from Democrats, including President Joe Biden.

Byย Jack Phillips

Read Full Article on TheEpochTimes.com

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