Disney stock has dropped 33% since former CEO Bob Chapek denounced Florida’s Parental Rights In Education bill, according to the Washington Free Beacon.
Chapek wrote a letter in March 2022, calling out the Florida legislature for a bill which limited teaching of gender and sexuality to children grades K-3. The Disney CEO originally intended to stay neutral, but changed course later on. The CEO’s letter acknowledged the bill as “yet another challenge to basic human rights.” (RELATED: Disney Takes Operations To Openly Anti-Gay Countries But Shuns Florida Over Parental Rights Bill)
Disney stock traded at $133.65 at the start of the conflict, the Washington Free Beacon reported. The stock opened at $89.44 on Wednesday, representing a 33.1% decline over the past 14 months.
The company announced plans to fire 7,000 employees in February to save $5.5 billion, Reuters reported. Disney started its third wave of layoffs this week, with 2,500 workers expected to be impacted.
Disney Stock Down 33 Percent Since CEO Instigated Feud with DeSantis
Via @AndrewStilesUSA https://t.co/fPL9oxK7uQ
— Washington Free Beacon (@FreeBeacon) May 24, 2023
Disney has not slowed down on its commitment to the LGBT community since their feud with Florida Gov. Ron DeSantis began. Walt Disney World announced it would host the world’s largest LGBT conference, “The Out & Equal Workplace summit,” in March. The company will also host its annual “Gay Days” celebrations on May 31 to June 4 this year, USA Today reported.
DeSantis signed legislation in February to terminate the board overseeing Disney’s independent district. Disney evaded the legislation, which caused DeSantis to sign a bill terminating Disney’s agreements with its former board members in April. Disney sued DeSantis in an attempt to thwart the governor’s attempts to change oversight of their independent district.