Target has lost billions in market value since the controversy stemming from the retailer's rollout of its eyebrow-raising LGBTQ Pride collection.
Last Wednesday, Target's stock closed at $160.96 a share — giving the big-box retail chain a market capitalization of $74.3 billion. However, Target's stock was trading at $141.76 — dropping the market capitalization to $65.3 billion. Within a week, Target dropped by 12% and lost $9 billion in market share.
The intense backlash was sparked by Target selling products that many Americans found to be problematic.
Earlier this month, it was revealed that Target sells LGBTQ-themed onesies for babies, children's books advocating for drag queen shows, "Support trans futures" T-shirts, "trans pride, trans power" greeting cards, and "tuck-friendly" bathing suits.
Making matters worse for the retailer, Target was exposed for selling products from a transgender designer who appeared to promote violence, drug use, and satanism.
Following the overwhelming backlash, Target removed some of the LGBTQ Pride merchandise.
Target alleged that the Pride collection had caused "volatile circumstances" that had impacted the "sense of safety and well-being" of its employees.
However, Target declared that it would continue its "commitment to the LGBTQIA+ community and standing with them as we celebrate Pride month and throughout the year." Target's CEO said selling LGBTQ merchandise was "the right thing for society."
According to a reported internal email sent to employees on Thursday, the Minneapolis-based company advised employees to "remember the murder of George Floyd," which occurred three years ago.
"Yesterday was a very hard day for Target, and as CEO Brian Cornell said, thank you for the care you've shown each other, our frontline teams, and the LGBTQIA+ community," the internal email said, according to Greg Price, director of communications for the State Freedom Caucus Network.
"Today brings more reflection, pain and the need for continued care as our team, hometown and world remember the murder of George Floyd," the alleged email stated. "As you make space to take care of yourself and each other, know that you can always tap into these tools from Team Member Life Resources, and as Mental Health Awareness Month continues, turn to Take Five to Take Care hub for more well-being support."
Republican presidential candidate Vivek Ramaswamy said Target "spit in the face" of its customers.
“That’s not a boycott, that’s just a response to a company that chooses to spit in their face," Ramaswamy told Fox News. "I have no doubt that many companies do find wokeness to be a good short-term trick."
He added, "If a company makes a conscious business decision to alienate a significant portion of its customer base, then it’s totally fair game for its customers to respond accordingly."
Many have noted that Target will suffer through a similar boycott to the one that marred Bud Light after the beer company partnered with transgender activist Dylan Mulvaney. Bud Light has experienced abysmal sales after the partnership with the "Days of Girlhood" TikTok influencer.
Anheuser-Busch, the parent company of Bud Light, has lost a market value of $15.7 billion since April 1 during the beer boycott.
Meanwhile, shares of Molson Coors Beverage have spiked 20% since April 1 — adding approximately $2.2 billion in market value.
Glenn Beck broke down the Target LGBTQ controversy on BlazeTV and explained why he is boycotting the behemoth retailer.
"I have no problem with trans if that’s what you want to do,” he articulated on "The Glenn Beck Program." "But it is a very small percentage — less than 1% of the population. Let me say it again, less than 1%. And you would think we are a country made up of trans people."
"And I have to tell you, when you have bathing suits for kids, with the tuck-it option, you've got a problem as a nation," he continued.
"I hope this will awaken people, and [they'll] say, 'Okay. No more Target,'" Beck stated.
Target BOYCOTT? Why Target's LGBT items make Glenn LOSE HIS MINDwww.youtube.com
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