Walt Disney Company’s stock prices have moved sharply downward following their outspoken support for the LGBT agenda and against Florida’s parental notification laws.
According to a report by Breitbart News, part of the downturn came after the Florida state legislature approved a bill that would revoke Walt Disney World’s self-governing status making it possible for the company to have around $200,000 more in tax liability.
While the measure still has to pass through a second house of the state legislature, the Republican-controlled group is thought likely to pass it, and GOv. Ron DeSantis has signaled his support for the measure.
“Disney shares dropped more than 2 percent in Thursday trading and are down more than 6 percent so far this week,” Breitbart News reported.
Things aren’t looking good for Disney
“The stock has been on a downward spiral for the past year, dropping more than 30 percent in 12 months to make it the worst-performing stock on the Dow Jones Industrial Average.”
— Sean Moran (@SeanMoran3) April 21, 2022
So far, Florida’s House voted in a 70-38 vote on Thursday to pass S.B. 4-C, the legislation that would eliminate the Reedy Creek Improvement District, which is the special governing jurisdiction that Walt Disney World Resort established over 50 years ago.
The Reedy Creek Improvement District allowed for several privileges for the massive Florida company, including their right to develop the 25,000-acre area without having to seek government approval.
“Florida’s move to dissolve Disney’s special district represents its latest salvo in the state’s feud with the entertainment giant after it vowed to fight Florida’s Parental Rights in Education law, which forbids the teaching of sexual orientation and gender ideology to children in kindergarten through third grade,” Breitbart reported.
Disney CEO Bob Chapek has weighed in and promised that he will keep working to repeal the parental rights law as well as those in other states.