Kellogg’s shares (NYSE: K) dropped 1.44% on Thursday, the day after accusations of child labor exploitation and the launch of Breitbart News’ #DumpKelloggs campaign brought the snack company’s value down 2%.
Kellogg’s stock fell $1.04 to close at $70.96 per share. The combined two-day drop has been $2.66 per share, down 3.6% from $73.62 at the start of Wednesday trading.
Kellogg’s announced this week that it would pull advertisements from Breitbart News. The company fired back on Wednesday:
Kellogg Co. announced on Tuesday its decision to pull ads from conservative media giant Breitbart.com because its 45,000,000 monthly conservative readers are not “aligned with our values as a company.” In response, Breitbart News, one of the world’s top news publishers, has launched a #DumpKelloggs petition and called for a boycott of the ubiquitous food manufacturer.
Kellogg’s offered no examples of how Breitbart’s 45 million monthly readers fail to align with the breakfast maker’s values. Indeed, the move appears to be one more example of an out-of-touch corporation embracing false left-wing narratives used to cynically smear the hard working Americans that populate this nation’s heartland.
Over 150,000 people signed the petition in its first day.
In further coverage, Breitbart has examined recent news pertaining to Kellogg’s “values.” In late October, employees accused the company of ignoring complaints about racist harassment at a New England distribution center:
Employees charge that they were constantly the subject of racial epithets, comments on their sexuality, and images of black faces, baboons, and other animals hung around the warehouse. They were also frequently threatened with firing and in some cases even physical abuse, and all the while, employees say, management in Kellogg’s main headquarters in Michigan was aware of the whole situation but did nothing to stop it.
The W.K. Kellogg Foundation, which maintains strong financial ties to the Kellogg Company, has provided at least $930,000 in support of the controversial work of the Black Lives Matter organization.
On Wednesday, Yahoo! contributors Alexis Christoforous and Rick Newman suggested that Kellogg’s decision to publicly disavow Breitbart was not a smart one. Christoforous declared, “Cereal needs to be agnostic.” Newman said, “This is just not what companies want to do… Does Kellogg’s basically want to say, ‘We don’t want anybody who belongs to the conservative side of the spectrum to eat our cereal’? I don’t think so. They probably wish they had done this differently.”