It’s no secret that retail giant Target is suffering big time, thanks to a boycott. Customers have decided to stop supporting the store after it featured transgender clothing for children in its “Pride” month selection.
According to reports, the company’s stock lost $12 billion in value. This happened even faster than the Bud Light boycott, which continues to inflict pain on the national beer company. But things appear to be getting much worse for “woke” Target. The nation’s largest bank just give them some very bad news.
From Twitter:
BREAKING: JP Morgan just downgraded Target’s stock, after its longest losing streak in 23 years citing “too many concerns rising’. Happy Pride Month Target!!
BREAKING: JP Morgan just downgraded Target’s stock, after its longest losing streak in 23 years citing “too many concerns rising’.
Happy Pride Month Target!!
— Charlie Kirk (@charliekirk11) June 1, 2023
JP Morgan downgraded Target’s stock after its value plummeted in the wake of the boycott. This means the major investment firm is discouraging people from buying Target stock, saying there are “too many concerns rising.” This will only serve to lower the stock’s price even more, as people will start selling it to dump their shares.
This is bad news for the company, which thought it could spread transgender propaganda. And soon afterward, Elon Musk made a bold prediction about what will happen to the woke company.
From Twitter:
Won’t be long before there are class-action lawsuits by shareholders against the company and board of directors for destruction of shareholder value
Won’t be long before there are class-action lawsuits by shareholders against the company and board of directors for destruction of shareholder value
— Elon Musk (@elonmusk) June 2, 2023
Yikes. Musk predicted that Target shareholders, outraged that the company put politics ahead of profits, will launch class-action lawsuits. He claimed these suits will target both the company and its board of directors over “destruction of shareholder value.”
That might very well happen. Target has long sold rainbow-colored clothing in June, to celebrate gay “pride.” But this year, they featured clothing that encouraged adults and possibly children to embrace transgenderism.
This outraged Target customers, many of whom are parents. But would this result in lawsuits? Well, Target has yet to do anything to rectify the problem. Some stores hastily moved the pride clothing to the back of the store.
But the company has not issued an apology. In fact, internal emails show that they continue to support transgenderism for children and accused those opposed of being “extremists.” This could be grounds for lawsuits, as the company is hurting stock value over a political issue.
I guess we’ll have to wait and see.