Disney

Disney Stock Hit HARD After…

Florida Gov. Ron DeSantis signed into law a bill that withdraws the Walt Disney Company’s unique district status in the state. The law that is set to enter into result in June 2023 strips Disney of independent benefits and unique tax status that the business benefited from for 55 years.

The bill signed by DeSantis “dissolves certain independent special districts; authorizes reestablishment of certain independent special districts.” The bill would dissolve the Reedy Creek Improvement District – which allows Disney to operate as a special taxing district and provides the theme park company with the “same authority and responsibility as a county government,” according to the Reedy Creek Improvement District website.

Walt Disney preserves normal local services like power, water, sewage, roadways, and emergency situation services.

Some tax authorities cautioned that withdrawing Disney’s unique district status as a self-contained government could increase property taxes on residents of Orange County up to 25%.

However, DeSantis spokeswoman Christina Pushaw promptly put such notions to bed according to ClickOrlando,

“As Governor DeSantis has said, Disney will pay its fair share of taxes, and abolishing the special district will not cause tax increases for the residents of any area of Florida,” Pushaw said, further implicating the mainstream media in amplifying a false political message.

When Disney called for the Parental Rights in Education bill to be reversed, the face-off in between DeSantis and the home entertainment leviathan started.

The Walt Disney Company released a statement railing against the Parental Rights in Education bill on March 28, that like many in the press and leftist political establishment, maliciously mischaracterized the bill as the “Don’t Say Gay Bill”

“Our goal as a company is for this law to be repealed by the legislature or struck down in the courts, and we remain committed to supporting the national and state organizations working to achieve that,” Disney said in a statement. “We are dedicated to standing up for the rights and safety of LGBTQ+ members of the Disney family, as well as the LGBTQ+ community in Florida and across the country. Florida’s HB 1557, also known as the ‘Don’t Say Gay’ bill, should never have passed and should never have been signed into law.”

On March 29, the Disney stock was at $142.38, however plunged to $118, according to CNBC.

As of April 22nd, Disney’s stock was down 35% from the past year when the stock had hit an all-time high on March 8, 2021, trading at $201.91.

CNBC anchor Carl Quintanilla wrote two days before that, “Disney is now the worst-performing Dow stock over the past year.”

The Daily Mail reported that of the 30 companies that make up the Dow Jones, Disney’s stock “has seen the sharpest decline,” followed by 3M and Home Depot.

As of this writing, the stock has fallen even further to $108.69 per share, presenting a devastating 41.53% loss in value year-over-year. Julie Alexa Strauss, a senior counsel at America First Legal Foundation, suggested in her analysis for The Washington Times, that Disney’s recent actions could even represent a breach of their fiduciary duty to investors.

She writes,

“this leadership is destroying a joyful experience that has bound generations of families. They ignore their responsibility to American children, parents and grandparents. Woke execs are neglecting their obligations to their employees and their fiduciary duty to shareholders. Instead, they’ve joined a massive gender ideology war to unravel the sacred fabric of the American family. “

The next group to target the mouse… could very well be their investors.

Image Credit: Robinhood 5/10/22

H/T TheBlaze, The Washington Times, Daily Mail

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