Amid their struggles with the Florida legislature, The Walt Disney Company’s stock price has tumbled dramatically, reaching its lowest price in over a year, according to The Epoch Times.
As of the writing of this article, the price currently sits at roughly $119 per share, a far cry from its $200 per share price of March 2021. This marks a 17-month low for Disney’s stock price, its worst since late 2020. Back on Tuesday, the price was sitting at $131.90, but since then, both the Florida Senate and House of Representatives voted to dissolve the Reedy Creek Improvement District, which manages the land that Walt Disney World operates on, as well as provides municipal services like firefighters and waste management, with funding provided by Disney. On Friday, Governor Ron DeSantis has signed the bill into law, taking effect in June 2023.
It’s very likely Disney will fight against the law in court, as a statute enacted in 2015 ensures that a district cannot be dissolved unless a majority of residents vote in favor of it. Language in the bill claims that the new law can supersede the statute, though it’s unclear if that will hold up in court.
The new law is in retaliation to Disney’s vocal opposition to the controversial Parental Rights in Education bill, commonly known as “Don’t Say Gay.” Disney has publicly stated that their goal is to have the law repealed.