LISTEN: S.C. ditches Disney from State Investment Portfolio
December 6, 2023
COLUMBIA, S.C. (FOX Carolina) - South Carolina won’t be investing in The Walt Disney Company anymore.
SC Treasurer Curtis Loftis removed Disney (NYSE: DIS) from the Palmetto State’s approved investment list, citing concerns about the company’s “political agenda.”
“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,” Loftis reportedly told his staff.
Disney is among multiple large companies to pull advertising from X recently over concerns about hate speech and antisemitism on the social media platform.
The state currently has $105 million in Disney debt instruments, which will mature as scheduled but won’t be replaced.
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“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 principals, and Disney should not engage in nefarious practices aimed at silencing those with less power and money.”
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