Retail behemoth Target has witnessed a significant decline of $10 billion in market capitalization over a span of ten days, primarily attributed to the criticism surrounding their prominent LGBTQ+ PRIDE exhibits, which included clothing items designed to be inclusive of transgender children.
As reported on Sunday by The New York Post, Target's stock price was approximately $160.96 per share. Unfortunately, the emergence of viral videos showcasing "tuck-friendly" and "binding" swimwear for children identifying as transgender, along with the presence of greeting cards celebrating queerness in a display intended for young children, sparked widespread calls for a boycott. Regrettably, after a period of ten days, the stock price experienced a decline to $138.93 per share.
The decrease of $22 per share corresponds to a significant 14% decline in value, resulting in a staggering $10 billion loss for the Minnesota-headquartered company.
Once news of the retailer's notable PRIDE exhibits, which encompassed LGBTQ+ themed baby clothing as well, started circulating on social media platforms, calls for a boycott of the company swiftly gained momentum.
Target hasn't changed anything. They are still promoting books for KIDS that include LGBTIA+ propoganda like "Bye Bye Binary"
Keep the pressure on. They hate you and your kids — never buy another product at Target unless and until they stop. pic.twitter.com/WdY0os7HND
— Charlie Kirk (@charliekirk11) May 29, 2023
According to previous reports, Target promptly shifted its attention to damage control. Executives engaged in an "emergency call" with the aim of preventing what one insider referred to as a potential "Bud Light situation."
The insider told Fox News that in some areas across the country, “We were given 36 hours, told to take all of our Pride stuff, the entire section, and move it into a section that’s a third the size. From the front of the store to the back of the store, you can’t have anything on mannequins and no large signage.”
The insider's mention of the "Bud Light situation" referred to the swift negative response and significant decline in sales that ensued after a brief collaboration between the renowned Anheuser-Busch brand, Bud Light, and influencer Dylan Mulvaney, who identifies as transgender. In the weeks following Mulvaney's endorsement, Anheuser-Busch witnessed a substantial loss in market capitalization amounting to billions, leading to the suspension of at least two marketing executives associated with the partnership.
Towards the end of last week, Investors Business Daily reported a staggering loss of over $17.5 billion for Anheuser-Busch. In response to this significant setback, the company resorted to providing retailers with the opportunity to return expired merchandise that remained unsold on their shelves.
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