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Disney is poised to rank among the worst-performing stocks in 2022 after
the company became embroiled in a high-profile political controversy.
Ticker Security Last Change Change %
DIS THE WALT DISNEY CO. 118.27 -3.39 -2.79%
The stock reached an all-time high in March 2021, trading at nearly $200
per share. But it has been in free fall ever since. As the market closed Thursday, the stock was hovering near $120 per share – down roughly 33%
from a year ago.
The company has been in the spotlight in recent weeks after it publicly
opposed a bill Republican Florida Gov. Ron DeSantis signed that prohibits classroom instruction on "sexual orientation" and "gender identity" with children in third grade or younger "or in a manner that is not age-
appropriate or developmentally appropriate for students in accordance with state standards."
NIKKI FRIED CALLS RON DESANTIS A ‘DICTATOR’ OVER DISNEY FIGHT; GOVERNOR
SAYS BILLS NOT ‘RETALIATORY’
The Florida House of Representatives passed a bill Thursday that would
dissolve Walt Disney’s special governing power in the state, a move that
could have huge tax implications for Disney, one of the state’s largest
private employers with more than 60,000 workers. The bill now heads to DeSantis’ desk.
Disney CEO Bob Chapek, 61, was roundly criticized for how he handled the
bill. LGBT advocates said he was slow to speak out, with some walking off
the job in protest. Others called on Chapek to take back his
"antagonistic" comments against the bill and to stop "cowering to a small political minority."
TIME FOR DISNEY AND CORPORATE AMERICA TO STAY OUT OF CULTURE WARS
Chapek’s handling of past conflicts has also seen its share of criticism,
per The New York Post. He is also reported to have a strained relationship
with the company’s former CEO Bob Iger.
Disney is also bogged down by investors' diminishing enthusiasm for
streaming services as inflation eats into America’s pocketbooks. Netflix shares, in particular, dropped 35% this week on the news that the
streaming platform had lost 200,000 subscribers.
FOX Business has reached out to Disney for comment and will update this
story accordingly.
https://www.foxbusiness.com/politics/disney-stock-tumbles-amid-florida- bill-controversy
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