Target's market value has dropped by $9 billion due to an online protest movement started by furious social media users who rejected the retailer's "PRIDE" collection of LGBTQ-friendly children's apparel.
The retailer company's stock ended at $160.96 a share, with a market valuation of $74.3 billion, just before the incident. On the other hand, Target's stock has significantly decreased; as of early Thursday trade, it was trading at $141.76 per share, a 1% fall, the New York Post reported.
Target's market value has dropped to $65.3 billion due to this week-long downward trend, representing a stunning 12% decline and an enormous $9 billion loss.
Before Pride month, Target decided to alter its LGBTQ products nationwide and remove certain items from its locations in reaction to the outcry.
The retailer corporation, based in Minnesota, made this step to guarantee staff safety after "volatile circumstances" in several of its 2,000 sites. Customers toppling Pride displays, harassing staff, and posting threatening videos on social media at Target shops triggered this action.
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Target did not reveal the eliminated items, but "tuck-friendly" women's swimsuits for transgender women who had not undergone gender-affirming processes garnered attention.
The designs of Abprallen, a London-based business specializing in LGBTQ+ apparel and accessories with occult and demonic themes, have also come under heavy criticism.
Other LGBTQ products, like "gender-fluid" mugs and children's books with titles like "Bye Bye, Binary," "Pride 1,2,3," and "I'm not a Girl," have sparked debate, per the BBC.
LGBTQ Agenda Opposition Increases
Target has joined Walmart and H&M in celebrating Pride Month with LGBTQ+ displays for a decade. Nevertheless, this year, transgender issues, such as gender-affirming healthcare and sports participation, have become controversial in state legislatures, escalating stern opposition.
The American Civil Liberties Union reported that about 500 anti-LGBTQ+ measures were presented before state legislatures since the beginning of this year, which is a record-breaking number, per AP News.
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