Since irate social media users reportedly urged a boycott of the Minneapolis-based company over its launch of the “PRIDE” line showcasing LGBTQ-friendly children’s clothing, Target has lost $9 billion in market value.
Prior to the issue, a week ago on Wednesday, Target’s stock price ended at $160.96 a share, giving the big-box retailer a $74.3 billion market value.
However, as of early Thursday trading, the company’s shares were down 1% at $141.76.
This was the culmination of a weeklong decline that had reduced the value of the discount retailer to $65.3 billion.
The market valuation of the firm has decreased by a staggering $9 billion as a result of this 12% decline.
After receiving harsh criticism from some customers who accosted employees and knocked up displays, Target said on Tuesday that it was taking some products out of its stores and making other modifications to its LGBTQ+ goods nationally in advance of Pride month.
Target declined to say Wednesday which products it was discontinuing, but “tuck friendly” women’s swimsuits, which allow trans women who have not undergone gender-affirming procedures to cover their privates parts, were among those that attracted the most attention.
Backlash has also been generated by Designs by Abprallen, a London-based firm that creates and markets LGBTQ+ apparel and accessories with occult and demonic themes.
Following disputes and complaints from customers in particular regions, Target acknowledged that it had shifted their Pride products from the front to the back of select Southern locations.
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