Target has lost more than $10billion in market capitalization in the span of 10 days – as it continues to face backlash for Pride-themed merchandise.
Prior to the controversy – which stems over a LGBTQ-geared clothing campaign that touts ‘tuck-friendly’ bathing suits and pro-trans T-shirts for kids – Target shares were trading at $160.96, giving the retailer a market valuation of roughly $74.3billion.
By the time The New York Stock Exchange (NYSE) closed Friday, the blue-chip stock was trading at $138.93 – marking a loss of $10.1billion.
The sum, moreover, stands as the superstore’s lowest market value in an entire year – all achieved in a matter of days as customers swear off its products in response.
As this consumer-led retaliation continues to be felt, Texas Senator Ted Cruz devoted an entire episode of weekly podcast Friday to the backlash, classifying the burgeoning boycott as one difficult to achieve, but on that’s ultimately warranted.
Target has lost more billions of dollars in market capitalization in the span of a few days – as it continues to face backlash for a Pride-themed clothing rollout currently on display in its stores
Prior to the controversy, Target shares were trading at $160.96, giving the retailer a market valuation of roughly $74.3billion. By the time The New York Stock Exchange (NYSE) closed Friday, the blue-chip stock was trading at $138.93 – marking a loss of $10.1billion
As this consumer-led retaliation continues to be felt, Texas Senator Ted Cruz devoted an entire episode of weekly podcast Friday to the backlash, classifying the burgeoning boycott as one difficult to achieve but absolutely warranted
Likening the task to conservative pushback against DeSantis opponent Disney, the 52-year-old politician said the pronounced response currently being seen in the Minneapolis-based megastore’s share price is warranted, claiming Target ‘disrespected’ their customers with the recent rollout.
Cruz’ comments come as an increasing amount of moderate-minded consumers have taken issue with Target’s new ‘Pride Collection’, particularly with items in its children’s section.
Outraged over LGBTQ-friendly slogans such as ‘Trans People Will Always Exist!’, ‘gay’, and ‘Live Laugh Lesbian, shoppers have accused the retailer of grooming – as several staffers in more rural areas such as the South have reportedly sought to hide and tone down these new sections in apparent shame.
Moreover, confronted with the reality of their languishing bottom line last week, staffers at Target HQ reportedly held an ’emergency’ meeting to avoid what a Target insider told Fox brass had colloquially labeled a ‘Bud Light situation.’
The insider further divulged that the company made the emergency decision at the last minute, in direct response to threats staff had received in recent weeks over the new displays.
On Friday’s ‘Verdict with Ted Cruz,’ the senator laid out what he labeled a lofty task with the emerging boycott, saying it would be tougher for conservatives to stop giving their hard-earned cash to a department store like Target rather than a beermaker like Bud Light.
‘Conservatives have typically been not very good at boycotts,’ Cruz explained of what he categorized as a mammoth, and ultimately unattainable undertaking.
Comparing it to the crisis that surrounded Disney when it
“You can be annoyed at Disney, but if your kids really want to go to Disney World, that can be hard to say no to. There’re not a lot of alternatives. There’s Six Flags, but Disney World is a pretty unique offering,” Cruz said. “And for that matter, Disney’s movies. I mean, look, there’s only one Snow White or Cinderella, or Toy Story from Pixar. That is a difficult product for many people to give up permanently.”
In a statement last week , Target said it had pulled some of the items that have ‘been at the center of the most confrontational behavior.’
‘Since introducing this year’s collection, we’ve experienced threats impacting our team members’ sense of safety and wellbeing while at work,’ Target said in a statement.
‘Given these volatile circumstances, we are making adjustments to our plans, including removing items that have been at the center of the most significant confrontational behavior,’ crisis communications manager Kayla Castaneda said.
The company did not specify which items had been taken off-shelves. Many of the swimsuits, onesies and t-shirts that sparked outrage remain available online.
There is also growing outrage over its partnership with Eric Cullen, a British transgender man, whose brand Abprallen encourages Satanism.
Target is selling two of the brand’s items – a $25 slogan sweater with the words ‘cure transphobia not trans people’ wrapped around a sword, an $18 ‘too queer for here’ tote bag, and a ‘we belong everywhere’ fanny pack that now appears to be sold out.
Eric – a transgender man – proudly shared photos of the collaboration on Instagram.
‘These have already got the transphobes infuriated with me and I feel like quite the celebrity to think that they believe this is all some big conspiracy and I have any power to brainwash anyone when I’m just some guy drawing pictures!’ he said.
A closer look at his other work reveals some more sinister material.
Eric Carnell is the British designer behind Abprallen, an LGBTQ brand that sells t-shirts, sweaters, bags and badges
Target is selling two of the brand’s items – a $25 slogan sweater with the words ‘cure transphobia not trans people’ wrapped around a sword
An $18 ‘too queer for here’ tote bag is also for sale via Target’s website and in stores
Other items that are for sale on the Abpralle Etsy store are more sinister. Stickers and badges which denigrate ‘cis feelings’ – the feelings of non transgender people – and Fox News are among them
Badges for sale on Abprallen’s site include one with the slogan ‘young, bisexual and willing’
A description on Abprallen’s Etsy store details the designer’s interpretation of Satan
Badges with slogans like ‘Satan Respects Pronouns’, ‘Young, Queer and Willing’ and a lighter pin with the words ‘burn down the cis-tem’ are among other products.
He also models the ‘Satan respects pronouns’ t-shirt on an Instagram page while wearing BDSM-style horns and no pants.
In a bio on the brand’s website, he says he has always been fascinated with the ‘frightening and mystical’.
‘I juxtapose it with imagery of skulls and spooky things – an interest of mine since I was a child. There’s something magical about the unknown, the frightening, and the mystical which is why I so frequently feature these themes in my art,’ he says.
In a description on his Etsy store, he goes on: ‘Satan loves you and respects who you are. You’re important and valuable in this world and you deserve to treat yourself with love and respect.
The brand has now caught the attention of Arkansas Senator Tom Cotton. ‘Even by the standards of woke corporations, Target’s partnership with a Satanist to push the trans agenda on children is remarkable. ‘The next time Target comes begging for help, Republicans should respond, ‘best of luck,” he tweeted
