Disney is poised to rank among the worst-performing stocks in 2022 after the company became embroiled in a high-profile political controversy.
The stock reached an all-time high in March 2021, trading at nearly $200 per share. But it has been in free fall ever since. As the market closed Thursday, the stock was hovering near $120 per share – down roughly 33% from a year ago.
The company has been in the spotlight in recent weeks after it publicly opposed a bill Republican Florida Gov. Ron DeSantis signed that prohibits classroom instruction on "sexual orientation" and "gender identity" with children in third grade or younger "or in a manner that is not age-appropriate or developmentally appropriate for students in accordance with state standards.
The Florida House of Representatives passed a bill Thursday that would dissolve Walt Disney’s special governing power in the state, a move that could have huge tax implications for Disney, one of the state’s largest private employers with more than 60,000 workers. The bill now heads to DeSantis’ desk.
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