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Elon Musk says he believes Target will likely face class-action lawsuits from investors after the company’s value dropped by more than $15 billion following the controversy over its ‘PRIDE’ collection which included a ‘tuck-friendly’ women’s swimsuit.
Musk responded to a tweet by conservative commentator Charlie Kirk, who shared how JP Morgan had downgraded Target’s stock due to concerns and particular over the retailer’s association with millennials.
‘JP Morgan just downgraded Target’s stock, after its longest losing streak in 23 years citing ‘too many concerns rising’. Happy Pride Month Target!!’ Kirk wrote.
‘Won’t be long before there are class-action lawsuits by shareholders against the company and board of directors for destruction of shareholder value,’ Musk wrote in response.
In response to Kirk’s tweet, Musk wrote on Twitter, ‘Happy Pride Month Target!!’ and further commented that it wouldn’t be long before shareholders take legal action against the company and its board of directors for the loss in shareholder value.’
Elon Musk says he believes Target will likely face class-action lawsuits from investors after the company’s value dropped by more than $15 billion following the controversy over its ‘PRIDE’ collection which included a ‘tuck-friendly’ women’s swimsuit
Conservative commentator Charlie Kirk shared how JP Morgan had downgraded Target’s stock due to concerns and particular over the retailer’s association with millennials
Elon Musk responded saying he believes Target will likely face class-action lawsuits from investors after the company’s value dropped by more than $15 billion
Kirk agreed with Musk’s statement actively encouraging shareholders to organize legal action
According to its 2021 tax filing, Target’s nonprofit foundation funded the NDN Collective in 2022, which is an Indigenous-led organization dedicated to building Indigenous power
Kirk agreed with Musk’s statement and actively encouraged shareholders to organize legal action.
‘97% of Americans would prefer depoliticized corporations to the hyperpolitical ones of today. Shareholders should organize to make this happen,’ Kirk responded.
Target’s share price has been on a downward slope since November 2021 but it tumbled in recent weeks, amid widespread backlash to its Pride display.
The stock price has fallen by nearly 17 percent in the last month, with shares trading almost 2 percent lower on Monday alone.
The decline in Target’s shares and market value, amounting to $15 billion, is also partly attributed to concerns among investors regarding the impact of inflation on consumer behavior.
Target’s share price has been on a downward slope since November 2021 but it tumbled in recent weeks, amid widespread backlash to its Pride display, falling 5 percent in the last week
Target’s stock price has fallen by nearly 17 percent in the last month, with shares trading almost 2 percent lower on Monday alone
Target has been funding a group that wants to shut down Mount Rushmore believing it to be an ‘international symbol of White supremacy’ and demilitarize the ‘violent’ U.S. military
On Monday it was revealed how the retail giant has been funding a group that wants to shut down Mount Rushmore, believing it to be an ‘international symbol of White supremacy’, and demilitarize the ‘violent’ U.S. military.
Fox News reported that according to its 2021 tax filing, Target’s nonprofit foundation funded the NDN Collective in 2022, which is an Indigenous-led organization dedicated to building Indigenous power, according to their website.
The NDN Collective is calling for the sovereign land where Mount Rushmore is located to be returned to the Lakota people.
Target has ramped up its diversity program in recent years under chief Kiera Fernandez, who previously called on ‘White women’ to battle systemic racism.
Target has lost billions of dollars in market capitalization in the span of a few days as it continues to face backlash for a Pride-themed clothing line currently
Target has sold ‘tuck-friendly’ women’s bathing suits, and a tweet last week claimed it was also selling such bathing suits to children
Conservatives and moderates alike have been boycotting Target since it was revealed last month that the retailer was selling clothes with LGBTQ-friendly slogans like ‘Trans People Will Always Exist!’, ‘gay’, and ‘Live Laugh Lesbian.’
Some have accused the chain of grooming children, pointing to a tweet that purports to show a ‘tuck-friendly’ girls’ bathing suit with ‘extra crotch coverage.’
Several stores in the rural South have now reportedly hidden and toned down the Pride sections, and staff members at Target headquarters are said to have held an ’emergency’ meeting to avoid what one insider called a ‘Bud Light situation.’
In a statement last month, Target – led by CEO Brian Cornell – announced the company had pulled some items it had received complains about, specifying that they have ‘been at the center of the most confrontational behavior.
Bud Light’s partnership with trans influencer Dylan Mulvaney has led to a huge decline in sales for the last two months
Target and Bud Light recently came under fire for their efforts to appeal to the LGBTQ+ community, only to come under more fire when they tried to backpedal.
Six weeks earlier, transgender influencer Dylan Mulvaney revealed on social media that Bud Light had sent her a commemorative can emblazoned with her picture. Boycott threats immediately followed, fueled by conservative commentators such as Matt Walsh, who has 1.9 million Twitter followers.
Kohl’s, Lego and Southwest Airlines also have taken heat for their LGBTQ-friendly marketing in recent days.
The backlash has produced real consequences. In the month ending May 13, Bud Light’s U.S. sales were down 23 percent, according to Bump Williams Consulting.
Target’s shares have plunged 20 percent since mid-May, wiping away $15 billion in market value, although that’s partly due to investor concerns about inflation’s impact on shoppers.
