Conservative lawmakers on the state level have been a wrecking ball this year to the environmental, social, and governance (ESG) investing movement, as well as other 'woke' trends, including DEI (diversity, equity, and inclusion) and CRT (critical race theory).
South Carolina State Treasurer Curtis Loftis is taking a stand against radically left-leaning mega-corporations by removing Disney from the state's investment portfolio.
"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 said in a statement.
The State Treasurer's portfolio contains about $105 million of Disney debt that will mature and not be replaced. Loftis will be heavily scrutinizing the equity side of the portfolio in the coming weeks.
"Multi-billion-dollar corporations should not engage in boycotts designed to silence legitimate debate," Loftis said, adding, "Since America's founding, freedom of speech has been one of its core principals, and Disney should not engage in nefarious practices aimed at silencing those with less power and money."
Loftis is the so-called 'state's banker' and manages approximately $70 billion. We suspect Disney won't be the only woke mega-corporation to be removed from the state's debt and/or equity portfolios.
Disney became a focal point following Florida's enactment of the "Don't Say Gay" law, which prohibits classroom discussions on sexual orientation and gender identity for young kids. Disney's former CEO, Bob Chapek, publicly opposed this legislation, which sparked a war between him and Florida Governor Ron DeSantis.
Meanwhile, earlier this year, Governor DeSantis prohibited state officials from investing public money in ESG funds. Other state governors followed suit, yanking billions of public money from ESG funds.
The best way to fight the 'woke mind' virus is to boycott it (read: Time To Boycott Elon's Boycotters).