In response to the entertainment giant's foray into far-left activism, South Carolina is putting an end to its financial support. The state is taking a decisive step by pulling its investment portfolios from Disney, signaling its disapproval of the company's political stance.
From Western Journal:
South Carolina State Treasurer Curtis Loftis believes the company is dealing with “structural rot,” which is causing it to turn away from its responsibilities to stockholders.
“I think it’s clear to anybody paying attention that there’s a structural rot inside of Disney. It’s deep, it’s pervasive, and I suspect Bob Iger, since his return as the CEO, now realizes it can’t be fixed,” Lifti told Fox Business Digital.
Loftis announced that South Carolina will divest $105 million worth of Disney debt securities due to concerns over the company’s leadership and its embrace of ESG (Environmental, Social and Governance) principles.
Loftis said Disney has abandoned its fiduciary duty to shareholders in favor of ESG, which he defined as a “speech and behavior code that was … created by the left and delivered to everybody else.”
“The sane, sober, talented, mature people are gone, and now you have the gender studies crowd running Disney,” Loftis said, “That’s why their movies are flops and their market cap, I think, is about half what it used to be. It’s a tremendous loss to America — we all grew up on Disney,” he added.
There's no doubt that Disney is going down the toilet, and it wouldn't surprise me if more states follow South Carolina's lead and start pulling investment funds as well.
