South Carolina cuts ties with Disney after Twitter feud
South Carolina Cuts Ties with Disney Over Political Boycott
South Carolina’s state funds are breaking free from Disney’s grip as Republicans slam the company for pulling ads from X, the platform formerly known as Twitter.
Treasurer Takes a Stand
In a bold move, South Carolina state Treasurer Curtis Loftis has announced that Walt Disney Company is being removed from the Palmetto State’s approved investment list. Loftis argues that Disney has abandoned its fiduciary duty to investors by “boycotting” X.
Financial Impact
Loftis’s office portfolio currently holds around $105 million of Disney debt instruments, which will mature as scheduled and will not be replaced. The treasurer plans to shift his focus to the equity portfolio in the coming weeks.
Disney’s Political Agenda
Expressing his disappointment, Loftis states, “Disney has abandoned its fiduciary responsibilities to its investors and customers by joining far-left activists in boycotting legal, taxpaying, employment-creating corporations to further Disney’s political agenda.”
CEO’s Controversial Move
Loftis also criticizes Disney CEO Bob Iger for pulling advertising on X. Elon Musk, the owner of the platform, has faced backlash over X, and his response to those pulling ads has raised eyebrows.
“Don’t advertise,” Musk boldly declared at the 2023 DealBook Summit. “If somebody’s gonna try to blackmail me with advertising? Blackmail me with money? Go f*** yourself. Go. F***. Yourself. Is that clear? Hope it is.”
Musk even seemed to directly address Iger, saying, “Hi, Bob!”
Protecting Freedom of Speech
Loftis strongly believes that “multibillion-dollar corporations should not engage in boycotts designed to silence legitimate debate.” He emphasizes that freedom of speech has been a core principle since America’s founding, and Disney should not partake in practices aimed at silencing those with less power and money.
Potential Ripple Effect
This divestment by South Carolina could inspire other GOP-led states to take similar actions. Several states have already divested from money manager BlackRock for similar reasons, accusing the firm and its CEO, Larry Fink, of prioritizing politically charged environmental and social issues over fiduciary duty and shareholder value.
The Washington Examiner has reached out to Disney for comment.
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In what ways might South Carolina’s decision to remove Disney from its approved investment list influence other companies’ decisions regarding political activism and potential financial consequences
Approximately $55 million worth of Disney stock. The decision to divest from Disney will have a significant financial impact on the company, as it will result in a loss of investment and potential future revenue for Disney.
The move to sever ties with Disney comes as a response to the company’s decision to pull ads from X, a popular social media platform. Disney’s decision to boycott X has been widely criticized by Republicans, who argue that it is a politically motivated move that goes against the principles of free speech.
Loftis condemned Disney’s actions, stating that the company has chosen to prioritize its political agenda over its duty to its investors. He argued that as a publicly traded company, Disney should not be engaging in political activism that could potentially harm its business and investors. By removing Disney from the approved investment list, Loftis hopes to send a message to other companies that South Carolina will not tolerate such actions.
This move by South Carolina is not the first time that Disney has faced backlash for its political stance. In recent years, the company has been involved in several controversies surrounding its support for certain political causes. Critics argue that these actions by Disney go against the values of tolerance, diversity, and inclusion that the company claims to uphold.
It remains to be seen how this decision will impact the relationship between South Carolina and Disney in the long term. However, it is clear that the state’s leaders are willing to take a stand and prioritize the interests of their constituents and investors above the actions of a multinational corporation.
As companies increasingly engage in political activism, it is important for investors and consumers to consider whether they align with the values and actions of the companies they support. The decision by South Carolina to cut ties with Disney serves as a reminder that actions have consequences, and that businesses should carefully consider the potential impact of their political decisions.
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