The Kennedy panel weighs heavily as Florida Gov. DeSantis intensifies the battle against Disney.
Disney is ready to rank among the worst performing stocks in 2022, after the company became embroiled in a strong political dispute.
The stock reached its highest value of all time in March 2021, trading at a price of nearly $ 200 per share. But it has been in free fall ever since. When the market closed on Thursday, the stock was moving close to $ 120 per share – down about 33% from a year earlier.
The newly painted Cinderella Castle in the Magic Kingdom at Walt Disney World is seen with the coat of arms to celebrate the 50th anniversary of the theme park on August 30, 2021 in Lake Buena Vista, Florida (AP Photo / John Raoux, File / AP newsroom)
The company has been in the spotlight in recent weeks after publicly opposing a bill signed by Florida Republican Gov. Ron DeSantis banning teaching in the classroom on “sexual orientation” and “gender identity” with third-graders or younger -small “or in a way that is not appropriate for the age or development of the students in accordance with state standards.”
NIKKI FRIED CALLS RON DESANTIS “DICTATOR” BEFORE the battle with Disney; GOVERNOR SAYS BILLS ARE NOT “VENGEOUS”
The Florida House of Representatives passed a bill Thursday that would dissolve Walt Disney’s special government, a move that could have huge tax consequences for Disney, one of the state’s largest private employers with more than 60,000 workers. Now the bill goes to DeSantis’s desk.
Florida Gov. Ron DeSantis spoke at a news conference at the Buc-ee Tourist Center, where he announced his proposal for more than $ 1 billion in gas tax relief for Florida residents in response to rising gas prices caused by inflation. (Paul Hennessy / SOPA Images / LightRocket via Getty Images / Getty Images)
Disney CEO Bob Chapek, 61, has been sharply criticized for the way he handled the bill. LGBT advocates said he was slow to speak, with some quitting their jobs in protest. Others called on Chapek to revert to “antagonistic” comments against the bill and to stop “fearing a small political minority”.
TIME FOR DISNEY AND CORPORATE AMERICA TO REMAIN FROM THE CULTURAL WARS
According to The New York Post, Chapek’s handling of past conflicts has also been criticized. He also reportedly has a strained relationship with former CEO Bob Eiger.
Disney CEO Bob Chapek spoke during a ceremony at Disneyland Hong Kong. (AP Photo / Kin Cheung, File / AP Newsroom)
Disney is also drowning in declining investor enthusiasm for streaming services as inflation eats away at US pocketbooks. Shares of Netflix in particular fell 35% this week after news that the streaming platform lost 200,000 subscribers.
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FOX Business has approached Disney for comment and will update this story accordingly.
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