Senator Ted Cruz criticized The Walt Disney Company for prioritizing politics over business success, citing the company’s annual SEC report which acknowledged the impact of cultural and social issues on its profits.
Cruz claimed that Disney’s disclosure, stating that consumer perceptions of its positions on public interest matters affect revenues and profits, is a stunning admission of the company’s financial losses due to its prioritization of woke politics.
He suggested that Disney included this in its SEC filings to protect itself from potential investor lawsuits. (Trending: Biden Shamefully Removes God From National Address)
The company’s battles over controversial legislation and criticism from conservatives regarding diversity casting and LGBTQ themes in films have contributed to its financial challenges.
Cruz and others argue that Disney’s focus on woke leftist ideology has alienated parents and shrunk its audience, leading to declining revenue.
“Now, that is one of the most stunning corporate disclosures I’ve ever read,” Sen. Ted Cruz said.
“Because what that means, is number one, Disney has lost billions of dollars.”
“The phrase, ‘go woke, go broke,’ Disney has sadly embodied that phrase.”
“I am sure Walt Disney is spinning in his grave at horrors to as what has happened to his namesake,” he added.
“But the fact that they put this in their SEC disclosures means, number one, the money they’re losing is so significant. Number two, their projections for future money that they’re going to lose are so significant that their lawyer said, ‘Dammit, you have to acknowledge this in the disclosure or else you will be sued for misleading investors.'”
“In other words, we must write these words so that when investors sue us and say your executives are putting your woke politics ahead of profitability, ahead of producing entertainment that consumers want, ahead of actually producing family-friendly entertainment that kids are interested in, and parents want their kids to see.”
“That your politics matters more to you than making the business successful. They want to be able to point to this disclosure and say, ‘No, no, sorry, you invested, and we told you up front.”
“We don’t care about making a buck. Our politics is all we care about. And even if it flushes the corporate profits down the commode.'”
“As Disney has alienated parents, they have predictably shrunk their audience and lost revenue. Disney has just learned the hard way that actions have consequences. If they keep trying to indoctrinate children with their woke leftist ideology, their numbers will continue to decline,” he added.
Additionally, Disney’s big-budget releases have struggled at the box office, further impacting the company’s financial performance.
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