Target has lost a massive amount in market value this week after an outcry by the public over their transgender clothing for toddlers.
Via the New York Post:
Target has lost $9 billion in market value since angry social media users called for a boycott of the Minneapolis-based retailer over its rollout of the “PRIDE” collection featuring LGBTQ-friendly clothing for children.
A week ago Wednesday before the controversy erupted, Target’s stock closed at $160.96 a share, giving the big-box chain a market capitalization of $74.3 billion.
As of early trading on Thursday, however, shares of the company were trading off 1% at $141.76 — capping a weeklong tumble that has shrunk the “cheap chic” discount retailer’s value to $65.3 billion.
That amounts to a 12% drop that has shaved a whopping $9 billion off the company’s market capitalization.
Target said on Tuesday it was removing some items from its stores and making other changes to its LGBTQ+ merchandise nationwide ahead of Pride month after intense backlash from some customers who confronted workers and tipped over displays.
“Since introducing this year’s collection, we’ve experienced threats impacting our team members’ sense of safety and well-being while at work,” Target said in a statement on Tuesday.
“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.”
That was just days after Target CEO Brian Cornell had defended the LBGTQ-friendly merchandise, saying it was “the right thing for society.”
Target declined to specify Wednesday which items it was removing but among the ones that garnered the most attention were “tuck friendly” women’s swimsuits that allow trans women who have not had gender-affirming operations to conceal their private parts.
Here’s what that looks like in a nice stock graph:
Call me crazy but that looks kinda like a Bud Light style hockey stick! LOL!
Seriously though, it looks like people are already having an adverse effect on the store. In more ways than one:
I would absolutely not recommend doing crap like this. Property damage and threatening Target employees is not right.
Here’s a leaked email that Charlie Kirk says he got from Target leadership. Notice the last paragraph reaffirming their support for the alphabet mafia:
I've obtained an EXCLUSIVE internal email from a TARGET LEADERSHIP to management.
— Charlie Kirk (@charliekirk11) May 25, 2023