Disney stock tumbles, expected to drop more after DeSantis signs two game-changing Florida bills

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Ever since Florida Gov. Ron DeSantis called on Florida lawmakers to eliminate Disney’s special tax status, the company’s stock has plummeted by over $10 per share, bringing it on track to reportedly be one of the worst-performing stocks of 2022.

The stock was specifically at $131.93 per share on Tuesday. As of Friday morning, it was down to $121.66 per share.

To be fair, the stock has been on a downward spiral since March of 2021, when it peaked at an all-time high of nearly $200 per share.

(Source: Google)

“Disney is also bogged down by investors’ diminishing enthusiasm for streaming services as inflation eats into America’s pocketbooks. Netflix shares, in particular, dropped 35% this week on the news that the streaming platform had lost 200,000 subscribers,” according to Fox Business Network.

However, its decline has seemingly hastened in recent months as Disney has begun openly embracing far-left politics.

The politics began with the company publicly coming out against Florida’s widely supported Parental Rights in Education bill.

“Florida’s HB 1557, also known as the ‘Don’t Say Gay’ bill, should never have passed and should never have been signed into law,” the company said in a Twitter statement released in late March.

“Our goal as a company is for this law to be repealed by the legislature or struck down in the courts, and we remain committed to supporting the national and state organizations working to achieve that.”

Look:

The statement was a complete smear rooted in the abject lie that the Parental Rights in Education bill is a homophobic attack on the LGBT community.

In reality, the law simply prohibits teachers from hosting age-inappropriate discussions of sex and gender with children, particularly young kids in kindergarten through third grade.

Florida lawmakers pursued the bill with DeSantis’ backing in response to a flurry of evidence from across the country that some teachers are trying to indoctrinate children in radical ideologies.

Here are just a few recent examples:

Disney’s decision to side with the radicals outraged DeSantis and other Florida lawmakers, prompting the governor to issue a statement during a presser Tuesday calling for state congressional lawmakers to end Disney’s special tax status.

The Washington Post notes that this special status, known as the Reedy Creek Improvement District, was originally granted in the mid-1960s during the initial creation of Disney World to make it easier for the gigantic park to be built and operate.

“[T]he existence of the special district allows Disney to operate without much of the red tape that usually comes with dealing with local governments. Reedy Creek has its own building codes, called the EPCOT building code, which sets forth design standards and criteria for rides and amusement attractions, for example,” according to the Post.

“There’s also a financial benefit: the ability of the Reedy Creek district to issue debt in the $4 trillion municipal bond market for infrastructure and utility projects. Municipal bonds are typically exempt from federal income taxes, and so often offer a lower cost of borrowing than a traditional corporate bond. Reedy Creek has about $1 billion of municipal bonds outstanding, according to data compiled by Bloomberg.”

Two days after DeSantis’ issued his call, Florida lawmakers followed through.

“The Florida legislature on Thursday gave final passage to a pair of bills aimed at Disney. … One of the bills would eliminate the unique status that allows Disney to operate as an independent government around its Orlando-area theme parks,” as reported by CNN.

“The other would eliminate a Disney carve-out in a social media bill that was signed into law last year but put on hold by a federal judge. The bills passed 70-38 in the Florida House on Thursday.”

Early Wednesday, Disney’s stock was at $127.24. By Thursday afternoon, it was down by over $5 per share.

Once Gov. DeSantis signs the pair of bills Friday, Disney’s stock is expected to plummet even further.

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