South Carolina State Treasurer Curtis Loftis announced that the state will no longer be investing in The Walt Disney Company. According to Loftis, Disney has “abandoned its fiduciary responsibilities to its investors and customers” by embracing far-left activism.
The State Treasurer’s Office currently holds $105 million dollars of Disney debt instruments in its portfolio, which will mature as scheduled and will not be replaced, according to a press release. The decision to remove Disney from the state’s approved investment list is based on the company’s recent actions, including joining the growing advertising boycott of Elon Musk’s X, formerly known as Twitter.
Loftis stated that “Multi-billion-dollar corporations should not engage in boycotts designed to silence legitimate debate,” and that Disney joining these boycotts is an attempt to silence those with less power and money. He also emphasized that freedom of speech has been one of America’s core principles since its founding and that Disney should not engage in practices aimed at suppressing this freedom.
While Loftis did not mention any corporations by name, likely, he was also referring to Disney’s efforts to nullify the will of Florida voters by fighting to repeal the state’s Parental Rights in Education Law. This law prohibits public schools from indoctrinating students in radical gender and LGBTQ ideology.
Interestingly, Disney’s announcement of its new residential community in North Carolina comes at the same time as South Carolina’s decision to divest from the company. Named “Asteria,” the community will be located near Raleigh, Durham, and Chapel Hill. This move, combined with Disney’s recent actions, has raised concerns among conservatives about the company’s increasingly far-left activism.
JUST IN: South Carolina state Treasurer Curtis Loftis has announced that South Carolina will be divesting from Disney after the company pulled ads from X.
Loftis blasted Disney during the announcement for their “far-left activism” saying they should never participate in… pic.twitter.com/uDHlXvRHpw
— Collin Rugg (@CollinRugg) December 6, 2023
Many see Disney’s actions as a betrayal of its responsibility to its investors and customers. As a multi-billion-dollar corporation, Disney has a significant impact on the economy, and its choices can have far-reaching consequences. By engaging in boycotts and trying to suppress freedom of speech, Disney is not only failing in its fiduciary duties but also setting a dangerous precedent for other companies to follow.