Disney’s market cap has shrunk by nearly $34 billion since the company expressed its full-throated opposition to a Florida law banning instruction of gender identity and sexual orientation in public schools for kindergarten through third grade.
Backers of the legislation say it gives parents more power around deciding how and when topics relating to LGBT issues can be introduced to their children. It also gives parents the opportunity to sue school districts for violations of the rules set out in the legislation.
DeSantis said on the day he signed the legislation that “parents have every right to be informed about services offered to their child at school and should be protected from schools using classroom instruction to sexualize their kids as young as 5 years old.”
Disney noted that it was the company’s goal “for this law to be repealed by the legislature or struck down in the courts.”
Disney’s declaration of opposition to the bill prompted some parents’ groups to call for boycotts of the company’s products, movies, theme parks, and shows.
Based on 1.82 billion outstanding shares and on the March 28 share price of $136.90, Disney’s market cap stood at about $249.2 billion. With its shares having fallen to $118.27 on April 22, Disney’s value as measured by market capitalization has declined to $215.3 billion, a drop of $33.9 billion.
“I was very clear about saying, ‘You ain’t influencing me. I’m standing strong right here,’” he said. “Incredibly, they say, ‘We are going to work to repeal parents’ rights in Florida.’
“And I’m just thinking to myself, you’re a corporation based in Burbank, California, and you’re going to marshal your economic might to attack the parents of my state. We view that as a provocation, and we’re going to fight back against that.”
Representatives for Disney’s corporate office and Walt Disney World didn’t respond to requests for comment by press time.
