DECEMBER 06, 2023
South Carolina State Treasurer Curtis Loftis removed The Walt Disney Company from the state’s approved investment list on Tuesday due to the company’s “far-left” activism. “Disney has abandoned its fiduciary responsibilities to its investors and customers by joining far-left activists in boycotting legal, taxpaying, employment-creating corporations to further Disney’s political agenda,” Loftis wrote in a statement.
The South Carolina State Treasurer’s Office portfolio reportedly “contains $105 million of Disney debt instruments that will mature over the next several months and will not be replaced” after they are paid out.
Loftis’ decision is in response to threats made by Disney CEO Bob Iger to pull advertising off Elon Musk-owned speech platform X. Notably, X allows far more freedom of speech than most platforms, angering leftist censors and “watchdog” organizations like Media Matters for America, which have pushed for Disney and other woke corporations to withdraw their advertising from X. Media Matters, as The Federalist’s John Davidson explains, exists solely “to churn out deceptive, fake studies designed to pressure large firms to pull advertising from media outlets and platforms that don’t toe the leftist line.”
Musk told Iger and the other advertisers to “go f-ck yourself,” describing their threats as “blackmail,” during the New York Times DealBook Summit last week.
“Multi-billion-dollar corporations should not engage in boycotts designed to silence legitimate debate,” Loftis wrote in his statement. “Since America’s founding, freedom of speech has been one of its core [principles], and Disney should not engage in nefarious practices aimed at silencing those with less power and money.”
The news is particularly bad for Disney after a series of box office flops and failing franchises, namely the Marvel Cinematic Universe and Star Wars. “Two of this year’s animated releases, ‘Elemental’ and ‘Wish,’ have been flops, with the latter bringing in less than $32 million over its opening Thanksgiving weekend, despite expectations of $45 million to $55 million and a production budget of $200 million,” reported The Federalist’s Kylee Griswold. “‘Strange World’ was even worse, losing Disney some $200 million last year.”
Disney’s financial woes are largely the result of parents choosing not to support the company after it made clear that it supports and promotes the sexualization and radical leftist indoctrination of children. The company spent months fighting Florida’s “Parental Rights in Education” law, which protects kindergarten through third graders from LGBT ideology in the classroom.
Disney was also exposed for having an internal commitment to inserting LGBT propaganda in its kids’ programming. During a video call exposed by investigative journalist Christopher Rufo, a Disney executive admitted to “wherever I could, adding queerness. … No one would stop me, and no one was trying to stop me.”
“The Disney organization tries to hide behind a façade of family wholesomeness while attempting to advance a bizarre political agenda,” noted CEO of the State Financial Officers Foundation Derek Kreifels. “Disney’s prioritization of politics above its fiduciary duty to hardworking Americans’ investment returns is unconscionable. South Carolina Treasurer Curtis Loftis is right to say no more to Disney’s abuse of investment funds entrusted to its care.”