On Tuesday, South Carolina Treasurer Curtis Loftis announced that the Palmetto State would no longer be investing in woke Disney after the company increasingly embraced far-left activism to the detriment of stockholders. Loftis officially removed the Walt Disney Company from the state's investment list. However, the state still retains $105 million of "Disney debt instruments that will mature as scheduled and will not be replaced."
"Disney has abandoned its fiduciary responsibilities to its investors and customers by joining far-left activists in boycotting legal, taxpaying, employment-creating corporations to further Disney's political agenda," Loftis explained to his staff, per a press release. "Multi-billion-dollar corporations should not engage in boycotts designed to silence legitimate debate. Since America's founding, freedom of speech has been one of its core principles, and Disney should not engage in nefarious practices aimed at silencing those with less power and money."
Disney's leftward shift began when it got involved in the so-called "Don't Say Gay" legislation in Florida, which banned the teaching of sexual material for children from kindergarten through third grade, which led to significant backlash. Loftis' reference to boycotts likely refers to the company's boycott of Elon Musk's social media company X/Twitter which began last month and prompted Musk to rail against advertisers at the New York Times Dealbook conference, where he told advertisers to "go f*ck themselves."
Musk specifically took aim at Disney CEO Bob Iger on Thursday when New Mexico Attorney General Raúl Torrez filed a lawsuit against Meta, where Disney currently runs ads, for failing to protect children from sexual abuse, online solicitation, and human trafficking on the platform. "Mr. Zuckerberg and other Meta executives are aware of the serious harm their products can pose to young users, and yet they have failed to make sufficient changes to their platforms that would prevent the sexual exploitation of children ... Despite repeated assurances to Congress and the public that they can be trusted to police themselves, it is clear that Meta's executives continue to prioritize engagement and ad revenue over the safety of the most vulnerable members of our society," the New Mexico attorney general said in a statement.
Musk responded to the lawsuit, writing on X/Twitter, "Bob Eiger [sic] thinks it's cool to advertise next to child exploitation material. Real stand up guy." He would later add that Iger "should be fired immediately. Walt Disney is turning in his grave over what Bob has done to his company."
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