Don’t be fooled, the Democrat agenda pushed by Biden caused this.
Target shareholders are facing additional challenges as they grapple with the ongoing ramifications of the Pride merchandising controversy that unfolded in recent weeks.
According to Fox, on Tuesday, Target witnessed yet another decline in shares, plummeting by 3.66%. This continuous downward trend marks the eighth consecutive decline, causing a significant decrease of $2.4 billion in market capitalization, as reported by the Dow Jones Market Data Group.
Following the backlash, Target has experienced a substantial decline in market value, dropping by over $12 billion to reach $61.77 billion as of the closing price on Tuesday. Comparatively, earlier in the month, the market value stood at over $74 billion, highlighting the significant impact of recent events on Target’s overall market worth.
This downward trend has resulted in Target’s stock experiencing its longest losing streak since November 2018, with shares reaching a new 52-week low of $133.88 per share.
Target, a retailer that has shown support for LGBTQ Pride over the years, introduced a range of merchandise this season that stirred controversy. Among the items were female-style swimsuits that provided the option for individuals to “tuck” male parts. Additionally, there were products labeled as “Thoughtfully fit on multiple body types and gender expressions,” a “Gender Fluid” mug, and a selection of adult clothing featuring slogans like “Super Queer,” among other items.
After being initially reported by Fox News Digital last week, Target faced customer backlash in specific stores, prompting the retailer to quickly implement necessary modifications in response.
The retailer’s Gay Pride collection has been associated with controversial designer Erik Carnell of Abprallen. Carnell is known for being an outspoken Satanist and incorporates occult imagery and messages like “Satan respects pronouns” on the apparel of his brand.