Target shareholders are continuing to pay the price of its woke decision to start selling Satanist-designed apparel and a “tuck-friendly” women’s swimsuit, with shares continuing their race to the bottom as the boycott of Target stores and negative press surrounding them heats up.
In fact, on Tuesday, May 30th, Target shares fell another massive 3.66%. That share price plummet represented another $2.4 billion in Target’s market cap getting lopped off, meaning that Target had lost over $12 billion in market value since the outcry and boycott began, falling from a $74 billion valuation to less than $62 billion.
Further, Target’s day-after-day losses represent its longest losing streak since November of 2018, a streak so far continued as of the time this article was written on Wednesday, May 31st, with Target stock down another 1.11%. However, as the stock fluctuates from moment to moment, this article is written with the stock’s price as of Tuesday the 30th being used to determine Target’s market cap and losing streak.
What might make things even worse for Target is that now it is under fire from both the right and left because of its original actions and resulting reactions. What originally led to outrage, as mentioned before, was its decision to start selling Satanist-designed apparel and a “tuck-friendly” women’s swimsuit.
That infuriated Americans, particularly moms who shopped at Target for their kids. As a result, they took to the internet and airwaves to call for a Bud Light-style boycott of Target. Target then backed off and decided to shrink the size of its Pride clothing displays and move them to the back of its stores.
Speaking on that decision to Fox News Digital, a Target spokesperson said, “For more than a decade, Target has offered an assortment of products aimed at celebrating Pride Month. Since introducing this year’s collection, we’ve experienced threats impacting our team members’ sense of safety and well-being while at work.”
The spokesperson continued, saying, “Given these volatile circumstances, we are making adjustments to our plans, including removing items that have been at the center of the most significant confrontational behavior. Our focus now is on moving forward with our continuing commitment to the LGBTQIA+ community and standing with them as we celebrate Pride Month and throughout the year.”
But, of course, that backing down led to outrage from the left. Bomb threats were called in with an individual demanding the Pride displays be restored to their former glory and angry leftists verbally attacked Target online, joining conservatives for doing so.
As was seen with Bud Light, that backing down on promoting the left could lead to Target losing rating points or even getting booted from woke ESG indices, as happened to Bud Light when it backed down somewhat on the Mulvaney issue and lost ESG points. However, that has not yet happened and so the stock price decline would appear to be driven by the boycott as of now.
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