It has been a very rough year for Disney.
Amid swirling accusations of increasing “wokeness,” the corporation has seen a staggering drop in its stock value. As a result, they reportedly had to go through a round of painful layoffs.
However, it looks like things are getting even worse for the embattled Mouse House.
After the stock suffered in the first part of 2022, Disney opted to fire CEO Bob Chapek and bring back retired CEO Bob Iger. The company was hoping this would be the start of an upswing in fortunes.
But that isn’t what’s happening. Disappointing quarterly earnings rattled investors and now, Disney is facing low numbers throughout next year.
Massive spending on streaming entertainment is going to take up a big chunk; they spent $1.5 billion on that in the previous quarter alone.
Regardless of the reasons, though, the stock is in dire straits — and in fact, so is the entire stock market at this point, according to the latest numbers.
The Walt Disney Co. saw its stock plummet nearly 4 percent on Thursday, helping to push the Dow Jones Industrial Average to its biggest loss in three months.
Shares of Apple also contributed to the Dow’s bloodbath, shedding 4.7 percent of their value.
Disney shares dropped 3.9 percent during trading Thursday and continued their decline in after-hours trading. So far this year, the stock is down more than 42 percent.
Fears of a recession continue to wreak havoc on stocks, despite the Biden administration bragging about the state of the economy.
Major stocks have been declining in recent weeks, as investors worry that 2023 won’t be the bounce-back year they’d hoped it’d be. Though inflation has eased, it remains well over 7 percent.
And it’s not just Dow Jones stocks: Netflix, one of the biggest companies in the country, plummeted 8.6% this week.
This comes after reports that the left-leaning corporation won’t make its viewership target numbers. Another big entertainment stock, Warner Bros. Discovery, sank a whopping 8.9%.
The latter company owns CNN, which has experienced multiple setbacks in 2022.
They’re desperately trying to cut costs, and we’ve seen the canceling of numerous primetime shows as well as declining ratings. They recently told employees to prepare for a “gut punch.”
Across the board, the “Go woke, Go broke” mantra appears to be playing a heavy role in the country’s economic situation.
While these companies never attribute the downturn to their political bents, it seems clear to many Americans that corporations that push far-left propaganda simply aren’t faring well recently.
And it just might keep happening, especially if places like Disney and Netflix double down on the woke content.
- Disney stock sank again, losing almost 5 percent of its value. So far in 2022, the stock has fallen more than 42 percent.
- The Dow Jones tumbled as well, and other major stocks – like Netflix and Warner Bros. Discovery – took huge hits.
- Many argue that the woke and far-left bias of these companies is what’s fueling the decline.