South Carolina State Treasurer Curtis Loftis announced the state had removed The Walt Disney Company from its approved investment list due to Disney CEO Bob Iger and The Walt Disney Company’s boycott of Elon Musk’s social media platform X.
Cinderalla’s Castle in Walt Disney World via 4k WDW YouTube
In a press release, the State of South Carolina detailed, “South Carolina State Treasurer Curtis Loftis has removed The Walt Disney Company (NYSE: DIS) from its approved investment list.”
It added, “The State Treasurer’s Office portfolio contains $105 million dollars of Disney debt instruments that will mature as scheduled and will not be replaced. The Treasurer will focus on the equity portfolio in the coming weeks.”
Read more: https://t.co/QA2Yg4N8k2 pic.twitter.com/OGLND8ls9z
— S.C. State Treasurer’s Office (@TreasurerLoftis) December 5, 2023
As for why the state removed The Walt Disney Company from its approved investment list, Loftis explained in a statement to staff, “Disney has abandoned its fiduciary responsibilities to its investors and customers by joining far-left activist in boycotting legal, taxpaying, employment-creating corporations to further Disney’s political agenda.”
He further noted that “multi-billion-dollar corporations should not engage in boycotts designed to silence legitimate debate. 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.”
Bob Iger via New York Times Events YouTube
Disney CEO Bob Iger explained why he decided to engage in a boycott of Musk’s X during an appearance at The New York Times’ DealBook Summit.
He said, ““By [Elon Musk] taking the position he took in quite a public manner, we just felt that the association with that position and Elon Musk and X was not necessarily a positive one, and we decided we would pull our advertising.”
Iger added, “We are now allowing entities at the company to use X as a platform to communicate, ABC News is a good example of that, ESPN, another.”
Musk called out Bob Iger and other CEOs and companies that chose to boycott the social media platform during his own appearance at The New York Times’ DealBook Summit.
He told host Andrew Sorkin, ““I hope they stop. Don’t advertise.”
Musk elaborated, “If somebody’s going to try to blackmail me with advertising, blackmail me with money, go f**k yourself. Go f**k yourself. Is that clear? I hope it is. Hey, Bob [Iger] if you’re in the audience. That’s how I feel. Don’t advertise.”
Musk has repeatedly targeted Bob Iger and The Walt Disney Company since the interview. In an interview with Sandy Munro earlier this week he stated, “Well, you have to wonder what would Walt Disney think of the company that is his namesake today? I think Walt Disney’s turning in his grave faster than a drill bit.”
On X, he questioned, “So then why is Disney boycotting 𝕏, yet spending millions on other platforms?”
So then why is Disney boycotting 𝕏, yet spending millions on other platforms? pic.twitter.com/vIX5hhc8RS
— Elon Musk (@elonmusk) December 1, 2023
He also noted that Bob Iger and current leadership for The Walt Disney Company are acting in contrast to the interests of the company’s shareholders.
Musk posted, “Disney and others were buying advertising on this platform because it made financial sense for them to do so – it wasn’t some kind of charitable donation! In boycotting 𝕏, they will experience a meaningful decline in distribution, which is contrary to the interests of their shareholders.”
This is fake, but Disney and others were buying advertising on this platform because it made financial sense for them to do so – it wasn’t some kind of charitable donation!
In boycotting 𝕏, they will experience a meaningful decline in distribution, which is contrary to the…
— Elon Musk (@elonmusk) December 4, 2023
He also noted, “Disney has a major content problem. Almost their entire upcoming slate is unwatchable. They are the world’s biggest example of go woke, go broke lol.”
Disney has a major content problem. Almost their entire upcoming slate is unwatchable.
They are the world’s biggest example of go woke, go broke lol.
— Elon Musk (@elonmusk) December 2, 2023
More recently, Musk posted, “Bob Eiger thinks it’s cool to advertise next to child exploitation material. Real stand up guy.”
Bob Eiger thinks it’s cool to advertise next to child exploitation material. Real stand up guy. https://t.co/7uMr6o9QVC
— Elon Musk (@elonmusk) December 7, 2023
He also questioned, “Why no advertiser boycott, Bob Eiger? You are endorsing this material!”
Why no advertiser boycott, Bob Eiger? You are endorsing this material! https://t.co/EVza5VZeSa
— Elon Musk (@elonmusk) December 7, 2023
He then went on to mock Iger and Disney and their most recent box office performances by sharing a meme headline that reads, “Disney Awarded Defense Contract After Producing More Bombs Than Lockheed Martin.”
Congratulations on the award! Well-deserved. pic.twitter.com/razQyfMnEZ
— Elon Musk (@elonmusk) December 7, 2023
Musk would also note that The Walt Disney Company has to be sued in order for them to stop advertising next to “child sexual abuse material” on rival social media platforms, Facebook and Instagram.
Crazy that Disney has to be sued to stop this terrible behavior https://t.co/b28v3K7n2L
— Elon Musk (@elonmusk) December 7, 2023
What do you make of South Carolina dumping Disney?
I liked how Elon misspelled Iger’s name on multiple occasions. All red states should sever their relationships with Disney. Then again I recon a fair number of republicans are in the pockets of AIPAC.