The state of South Carolina will no longer be investing in The Walt Disney Company, with the state’s treasurer saying Disney has “abandoned its fiduciary responsibilities to its investors and customers” by embracing far-left activism.
South Carolina State Treasurer Curtis Loftis made the announcement in a press release on Tuesday, saying the state has removed Disney from its approved investment list.
The State Treasurer’s Office portfolio currently contains $105 million dollars of Disney debt instruments that will mature as scheduled and will not be replaced, according to the release.
Loftis said in the announcement: “Disney has abandoned its fiduciary responsibilities to its investors and customers ” by joining far-left activists in “boycotting legal, taxpaying, employment-creating corporations to further Disney’s political agenda.”
While Loftis didn’t mention any corporations by name, Disney recently joined the growing advertising boycott of Elon Musk’s X, formerly known as Twitter.
“Multi-billion-dollar corporations should not engage in boycotts designed to silence legitimate debate,” Loftis said. “Since America’s founding, freedom of speech has been one of its core principles, and Disney should not engage in nefarious practices aimed at silencing those with less power and money.”
Disney has also sought to nullify the will of Florida voters by fighting to repeal the state’s Parental Rights in Education Law, which prohibits the indoctrination of public school students into radical gender and LGBTQ ideology.
South Carolina’s announcement comes as Disney is looking to put down roots in the state’s northern, more left-wing neighbor.
Disney said Wednesday it is going to build a residential community in North Carolina under its “Storyliving by Disney” brand. The new neighborhood — named “Asteria” — will be located near Raleigh, Durham and Chapel Hill.
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