Target loses $10 billion amid pride collection controversy
3 min read
Rafael Henrique/SOPA Images/LightRocket via Getty Images
As per reports, Target has reportedly lost $10 billion in market valuation in the last ten days following the controversy centered around its Pride-themed collection for children.
Here is everything you need to know.
Target’s pride merch controversy explained
Target has been facing boycott calls from conservatives all across the US after videos went viral showing pride-themed clothing for toddlers and other children.
Moreover, the retail store’s stock has dropped from $160.96 per share to $138.93.
Fox News reported that the shares have plummeted over twelve percent since the controversy began over a week ago.
In addition, Target released a statement through a spokesperson to address the slipping shares during an interview with Fox News.
Target loses $10 Billion in 10 days as stocks fall following boycott over LGBTQ-friendly kids clothing. pic.twitter.com/vBC0V6Pm5i
— Daily Loud (@DailyLoud) May 30, 2023
They said, ‘For more than a decade, Target has offered an assortment of products aimed at celebrating Pride Month.’
They continued, ‘Since introducing this year’s collection, we’ve experienced threats impacting our team members’ sense of safety and well-being while at work.’
Subsequently, the spokesperson mentioned, ‘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.’
They added, ‘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.’
BREAKING: @Target has lost $9 Billion in market value in just one week after their rollout of LGBTQ children's clothing.
&md ash; Collin Rugg (@CollinRugg) May 25, 2023
Target is clearly feeling the heat as they released a statement on Tuesday announcing the changes that were being made to the store.
In an internal email… pic.twitter.com/4pUY8pvQWWAdvertisement
Ted Cruz doubts that the backlash would impact Target despite hitting the lowest stock price in three years
Ted Cruz, senator of Texas, talked about Target’s latest pride merch controversy during an episode on his podcast, Verdict with Ted Cruz which was released on 26th May Friday.
Furthermore, he claimed that the boycott will most likely not affect the department store as much as BudLight and Anheuser Busch. He explained by saying that Target is not easy to ‘substitute.’
Nevertheless, he continued to mention that the efforts to boycott the US store would end soon as, ‘historically, conservatives have typically been not very good at boycotts.’
Additionally, he compared Target with Disney, who faced similar criticism last year for speaking against Florida’s ‘Don’t Say Gay’ law but still manages to remain a financial giant.
Cruz then opened up about the so-called ‘woke agenda’ that corporate America is currently concentrating on.
He said, ‘That’s a good thing for those of us that would like companies just to get back to selling their damn products and keep their idiotic politics out of our lives.’
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