Disney has been facing challenges, with South Carolina pulling its state funds out of the company due to concerns about management’s fiduciary responsibilities.
State Treasurer Curtis Loftis criticized Disney’s adoption of Environmental, Social, and Governance (ESG) criteria, attributing the company’s performance challenges to cultural and managerial shifts.
Disney stock is down over 50% from its 2021 high.
“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,” Loftis said.
“People sometimes forget that ESG has nothing to do with investing,” he said.
“ESG is a speech and behavior code that was … created by the left and delivered to everybody else under these virtuous circumstances, or presumed circumstances.”
“The sane, sober, talented, mature people are gone, and now you have the gender studies crowd running Disney,” he 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.”
Loftis believes the state’s exit won’t significantly impact Disney, while the company itself acknowledges potential impacts on its bottom line due to ESG initiatives.
“We’re not going to cause Disney any real harm,” Loftis said.
“I just want other people to see that you can stand up to these people and you live to invest another day. There are plenty of good investments out there that aren’t as risky as Disney.”
Wall Street analysts, however, remain positive about Disney’s stock, with price targets indicating potential upside.
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