The state of South Carolina has divested itself from Disney but not for the exact reason you might think.
It would make perfect sense if South Carolina did this on the basis of the woke culture at Disney, but it was actually for a more practical reason. They did this because Disney is more interested in pushing woke culture than delivering returns for their investors.
As a financial matter, it makes even more sense.
RedState reports:
South Carolina Divests Millions From Disney Over ‘Structural Rot’
And Disney takes another blow on the chin, this time from South Carolina.
According to Moneywise, South Carolina State Treasurer Curtis Loftis has divested the state’s money from Disney over the corporation not doing its fiduciary responsibility. Loftis blamed a “structural rot” within the company that he doesn’t see it getting away from:
“I think it’s clear to anybody paying attention that there’s a structural rot inside of Disney. It’s deep, it’s pervasive, and I suspect Bob Iger, since his return as the CEO, now realizes it can’t be fixed,” he told Fox Business Digital, adding that it “does not bode well” for the future of the company.
The amount of money South Carolina is pulling out of Disney isn’t small either:
Fox Business Digital reported that the portfolio of the State Treasurer’s Office included $105 million in Disney debt securities, which will not be renewed upon maturity. In total, Loftis is responsible for managing $67 billion in public funds.
Get woke, go broke.
MERRY Christmas Patriots!⛪️✝️
“Tremendous loss to America’: South Carolina is dumping $105M of Disney investments, blaming ‘structural rot’ in the company.”
Go woke, go broke. see ‘ya bye Disney.https://t.co/vBHHEipnds
— Mustang7292 – COA⭐️⭐️⭐️ (@Paul_at_PSG) December 25, 2023
South Carolina is dumping $105M of Disney investments, blaming ‘structural rot’ in the company — Treasurer warns the sane people are now gone. Time to sell DIS?https://t.co/TFAaxAqknt pic.twitter.com/cQIK4AKain
— RealPro (@RealPro4Real) December 26, 2023
It’s a shame what the leadership of Disney has done to a once great company.
