BOOM

Trending Searches

    SUPPORT
    BOOM

    Trending News

      • Fact Check 
        • Fast Check
        • Politics
        • Business
        • Entertainment
        • Social
        • Sports
        • World
      • Law
      • Explainers
      • News 
        • All News
      • Decode 
        • Impact
        • Scamcheck
        • Life
        • Voices
      • Media Buddhi 
        • Digital Buddhi
        • Senior Citizens
        • Videos
      • Web Stories
      • BOOM Research
      • BOOM Labs
      • Deepfake Tracker
      • Videos 
        • Facts Neeti
      • Home-icon
        Home
      • About Us-icon
        About Us
      • Authors-icon
        Authors
      • Team-icon
        Team
      • Careers-icon
        Careers
      • Internship-icon
        Internship
      • Contact Us-icon
        Contact Us
      • Methodology-icon
        Methodology
      • Correction Policy-icon
        Correction Policy
      • Non-Partnership Policy-icon
        Non-Partnership Policy
      • Cookie Policy-icon
        Cookie Policy
      • Grievance Redressal-icon
        Grievance Redressal
      • Republishing Guidelines-icon
        Republishing Guidelines
      • Fact Check-icon
        Fact Check
        Fast Check
        Politics
        Business
        Entertainment
        Social
        Sports
        World
      • Law-icon
        Law
      • Explainers-icon
        Explainers
      • News-icon
        News
        All News
      • Decode-icon
        Decode
        Impact
        Scamcheck
        Life
        Voices
      • Media Buddhi-icon
        Media Buddhi
        Digital Buddhi
        Senior Citizens
        Videos
      • Web Stories-icon
        Web Stories
      • BOOM Research-icon
        BOOM Research
      • BOOM Labs-icon
        BOOM Labs
      • Deepfake Tracker-icon
        Deepfake Tracker
      • Videos-icon
        Videos
        Facts Neeti
      Trending Tags
      TRENDING
      • #Operation Sindoor
      • #Pahalgam Terror Attack
      • #Narendra Modi
      • #Rahul Gandhi
      • #Waqf Amendment Bill
      • #Arvind Kejriwal
      • #Deepfake
      • #Artificial Intelligence
      • Home
      • World
      • Disney Stocks Did Not Crash After...
      World

      Disney Stocks Did Not Crash After Opposition To 'Don't Say Gay' Law

      Disney's stock has not fallen by 70 per cent, and some of the claims are tied to an article from a satirical website.

      By - AFP |
      Published -  18 April 2022 6:22 PM IST
    • Boomlive
      Disney Stocks Did Not Crash After Opposition To Dont Say Gay Law

      Social media posts claim Disney's stock price dropped more than 70 per cent as the company faces a backlash over its opposition to Florida's controversial law banning lessons on sexual orientation and gender identity in elementary schools. But Disney's stock has not fallen by that amount, and some of the claims are tied to an article from a satirical website.

      "Disney's stock has plummeted more than 70 percent and attendance is down more than 50 percent. 9.1 million people canceled their subscriptions to Disney Plus, and local landfills report a massive influx of discarded Star Wars and Marvel toys," says an April 13, 2022 Facebook post.

      Also Read: Digital Artwork Of An Object Hitting Moon Passed Off As Real

      The post includes a screenshot showing the headline of an article that says: "After Devastating Losses, Disney CEO Admits Company Made 'A Huge Mistake' Going Woke." The story's text mirrors the claim in the post about fallout for the media-entertainment giant.


      Screenshot of a Facebook post taken on April 14, 2022

      The Walt Disney Company is facing boycott calls over its stance opposing the Florida law, which critics have branded "Don't Say Gay." Disney's position, the result of an employee push, has pitted one of Florida's largest employers against local conservatives and Republican Governor Rick DeSantis in a culture war battle over sexual and gender education.

      The law was signed by DeSantis on March 28, and stipulates that "a school district may not encourage classroom discussion about sexual orientation or gender identity in primary grade levels."

      A similar claim is circulating in screenshots of a since-deleted tweet from Robert Hyde, a Republican Senate candidate, which said Disney's stock price fell 70 percent and included the hashtag "#Groomers," an epithet that conservatives use for those who oppose the law.

      Also Read: Was Ukrainian Flag Wrapped On Statue Of Liberty As Mark Of Solidarity?

      But Disney's stock price has not dropped 70 percent. It was just over $130 at the close of trading on April 14, and has been on a downward trend for more than a year from a high of $197 in March 2021. This decline has been tied to various difficulties that predate the controversy over the Florida law including pandemic-related downturns in the sectors in which the media-entertainment titan operates.

      Share prices also dropped in early March 2022 after the company announced its streaming service Disney+ would launch an ad-supported subscription tier, entertainment website The Wrap reported.

      The posts and article also claim that 9.1 million people canceled their Disney+ subscriptions without indicating a source for the figures. Disney's last quarterly report published on February 9, 2022 showed the company gained 11.8 million new subscribers on its streaming platform during the first fiscal quarter to bring the total to nearly 130 million worldwide.

      The same applies to Disney theme park attendance, which the posts and article claimed is down 50 percent but without specifying any context. The latest quarterly report showed revenues for "Disney Parks, Experiences and Products" doubled from a pandemic-hit period a year earlier to $7.2 billion in the most recent quarter.

      Contacted by AFP, Disney did not comment on the claims.

      The article included as a screenshot in some posts making the 70 percent stock drop claim was published on USA TATERS, a website that is part of a network of parody sites started by Christopher Blair.

      "Everything on this website is fiction," says a disclaimer on the "About Us" page. Although the article does not include a publishing date, the webpage's source code shows it was created on April 8.


      Screenshot of a web page's source code showing an article's publication date

      The article's author, Flagg Eagleton-Patriot, is one of the several aliases used by Blair.

      Also Read: 1991 Photo Of Albanians On A Ship To Italy Shared As Europeans Fleeing World War II

      Contrary to the claim in the article, Disney's CEO -- who is Bob Chapek, not Joe Barron, as the story states -- has said that the company's response to the Florida law was insufficient.

      "I understand our original approach, no matter how well intended, didn't quite get the job done," Chapek said at the annual shareholder meeting on March 9.

      (Except for the headline, this story has not been edited by BOOM staff and is published from a syndicated feed.)

      Tags

      DisneyFlorida
      Read Full Article
      Claim :   Disney's stock price dropped more than 70 per cent over its opposition to Florida law.
      Claimed By :  Posts on Facebook
      Fact Check :  False
      Next Story
      Our website is made possible by displaying online advertisements to our visitors.
      Please consider supporting us by disabling your ad blocker. Please reload after ad blocker is disabled.
      X

      Subscribe to BOOM Newsletters

      👉 No spam, no paywall — but verified insights.

      Please enter a Email Address
      Subscribe for free!

      Stay Ahead of Misinformation!

      Please enter a Email Address
      Subscribe Now🛡️ 100% Privacy Protected | No Spam, Just Facts
      By subscribing, you agree with the Terms & conditions and Privacy Policy connected to the offer

      Thank you for subscribing!

      You’re now part of the BOOM community.

      Or, Subscribe to receive latest news via email
      Subscribed Successfully...
      Copy HTMLHTML is copied!
      There's no data to copy!