Disney market cap loses nearly $50 billion after opposing Florida’s parental rights law

Disney’s stock has dropped by nearly $50 billion since the beginning of March when it opposed Florida’s new Parental Rights in Education law.

The news also comes as Florida has passed a new bill ending Disney’s self-governance in the state.

Going down

“Disney’s stock was down more than 2% on Friday and by more than 8.5% over the past few days as Florida lawmakers work to punish the company for wading into the state’s politics,” the Washington Examiner reported.

“The stock’s market cap has declined by about $46.6 billion since March 1, just days before the company came out against the legislation,” it added.

Ending woke indoctrination

Florida Republican Gov. Ron DeSantis signed the bill that bans instruction regarding sexual orientation and gender identity through third grade.

“Today, I signed a bill that ends the woke indoctrination in our schools and workplaces,” he tweeted.

“We are giving parents, students and employees the ability to fight back,” DeSantis added.

The move led to Disney claiming it would speak out more on the issues, that have now been part of the move to end special privileges for the company. Some employees even staged a walk-out, while the company’s leadership sought to speak out more on the issue.

Disney was long known for serving children and families. Now, it’s increasingly seen as the enemy of families, and the price for the change is steep.

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