Disney

Disney Takes Heavy Losses After Defying DeSantis

Disney is paying the price for its battle with Florida Governor Ron DeSantis, having now both lost its special district and seeing a decline in the value of its stocks. Disney has sided against DeSantis in the debate over Florida legislation that aims to ban the teaching of sexual content to young children in public schools and gives parents more power to confront school districts that continue to push inappropriate material.

Disney loses its special district

Disney initially preferred to stay silent about the controversial bill because it was worried about the financial consequences of a battle with the Florida government.

The company changed its mind when it received criticism from the left and a revolt among its liberal employees, who demanded it join them in publicly opposing DeSantis.

Now Disney is facing the consequences that initially inspired it to refrain from commenting on the issue, and it is learning that Ron DeSantis is serious about imposing those consequences.

Massive corporations like Disney frequently intervene in state politics to veto legislation that contradicts mainstream liberal priorities, but there was good reason for keeping quiet in Florida.

Unlike other companies, Disney has much to lose in the state and it faces a Republican governor who is much more willing than most to engage in a real fight with the powerful corporations.

DeSantis has moved quickly to punish Disney for challenging his legislation by enacting another bill that dismantles the company’s special district in Florida.

DeSantis fights corporate opposition

Many Americans were surprised to find out just how much power Disney has within that special district; the company effectively has its own self-governing micro nation within the state of Florida.

It largely runs that territory as it likes, and it saves millions in the taxes it is exempted from by virtue of running its private fief.

This has been the case since 1967 and it has always had the support of the state government thanks to the tens of thousands of jobs and massive amount of tourist revenue generated by the company.

DeSantis has broke decisively from corporate-friendly Republican governing by telling Disney that Florida is prepared to sacrifice revenue rather than give in to pressure to change its laws.

The company’s stock has been in decline over the last year, but its battle with the governor has prompted a new drop that leaves its stock down 33% from this time last year.

DeSantis has been described as an authoritarian or a dictator for his actions by Democrats who have increasingly ceased to pretend that they are for limiting the political power of multinational corporations.

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