Target Boycott Causes Company to Lose $9 Billion in One Week
In just one week, Target lost $9 billion in market value as a result of a social media-initiated boycott that began when the company released its annual pride collection featuring “tucking” swimsuits for adolescent boys.
Just over one week ago, Target’s stock price was $160.96 a share, making the total market value of the company a whopping $74.3 billion. Yesterday the stock had fallen to $141.76, shrinking the market value to $65.3 billion, and it is continuing to drop.
Target has been releasing an annual pride collection for years now, which most Americans had no significant qualms with; however, many conservative parents decided that they had enough once the retail giant began selling “gender-affirming” clothing advertised for gender-dysphoric children.
The store now offers chest binders and compression tops for young girls, which have several known side effects including rib fractures and respiratory problems, and feminine swimwear meant for young males to “tuck.” Once Target, and the LGBTQ+ movement as a whole, doubled down on their commitment to target children, thousands of Americans began speaking out.
Christians who didn’t consider themselves politically savvy joined in the boycott once reports revealed that one of the pride collection designers Target partnered with is a self-described Satanist. Many of the designs are bright, cheerful, pastel, and eye-catching to a specific demographic: children.
“The brand’s founder and designer, Erik, is a self-identified gay transgender man who openly talks about satan ‘respecting pronouns.’ In one of the brand’s Instagram posts, Erik wrote, ‘satan loves you and respects who you are . . . LGBTQIA+ people are so often referred to as being a product of [s]atan or going against God’s will, so fine. We’ll hand with [s]atan instead.'”
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A source within Target recently told Fox News that the corporation forced several locations, primarily in rural southern areas, to transfer pride sections to a less-visible part of the store, or remove most of the merchandise altogether.
“We were given 36 hours, told to take all of our Pride stuff, the entire section, and move it into a section that’s a third the size. From the front of the store to the back of the store, you can’t have anything on mannequins and no large signage,” the source told Fox News Digital. “I think given the current situation with Bud Light, the company is terrified of a Bud Light situation.” Last month, after partnering with transgender activist Dylan Mulvaney, Bud Light profits plummeted, costing its parent company Anheuser-Busch more than $15 billion.
Just one day after the insider report was released, Target released a statement which walked back their outspoken support of LGBTQ+ children while remaining unapologetic for their beliefs, in an effort to appease conservatives but avoid sparking outrage from the activist left.
“For more than a decade, Target has offered an assortment of products aimed at celebrating Pride Month,” the press release began. “Since introducing this year’s collection, we’ve experienced threats impacting our team members’ sense of safety and well-being while at work. 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.”
The company concluded, “Our focus now is on moving forward with our continuing commitment to the LGBTQIA+ community and standing with them as we celebrate Pride Month and throughout the year.” No examples of “threats” or violent incidents have been reported by Target employees or officials at this time.
While some boycott participants have prematurely claimed “victory” after reading the statement, others point to the scapegoating tactics employed by Target, which falsely frame conservatives’ fiscal boycott as a threat of violence.
