Market developments from Target’s “Pride” collection and the company policies it stands for caught the attention of billionaire Elon Musk who offered a prediction on what shareholders might be planning.
Target Corp. has continued to incur losses as consumers have found success using their buying power to counter corporate woke ideology. The economic pressure applied to the retail company for propping up transgenderism along with organizations that run counter to American interests resulted in a downgrade of their stock by JPMorgan Chase.
Conservative commentator Charlie Kirk highlighted that the stock had had “its longest losing streak in 23 years” attributed to “too many concerns rising,” leading him to jab “Happy Pride Month Target!!”
In reply, Musk asserted, “Won’t be long before there are class-action lawsuits by shareholders against the company and board of directors for destruction of shareholder value.”
Won’t be long before there are class-action lawsuits by shareholders against the company and board of directors for destruction of shareholder value
— Elon Musk (@elonmusk) June 2, 2023
As previously reported, the downgrade from “overweight” to “neutral” that followed Target’s stock dropping from around $160/share in mid-May to about $130/share at the beginning of June had primarily been triggered by “tuck-friendly” swimwear in a market that had already demonstrated to Anheuser-Busch that promoting gender theory to kids was unacceptable.
Elaborating on the downgrade, a statement from JPMorgan Chase explained, “We continue to believe that the consumer is broadly weakening while the share of wallet shift away from goods…Target has been giving back [market] share on a one-year view and we believe this share loss could accelerate into back to school and linger into holiday given consumer pressures and recent company controversies.”
“Said succinctly,” it continued, “we placed Target on negative catalyst watch into the first-quarter print on topline and margin concerns and came out of the quarter with second-half topline guidance concerns. Since then, the backdrop, from the consumer to share of wallet to disinflation has, in total, gotten worse with share/traffic risk rising into the most important quarters of the year. As such, the prospect for additional downward revisions is rising.”
An attempt to course correct by relocating the merchandise to the back of the store and pulling select products only worsened Target’s situation as alphabet activists joined in being offended.
Musk’s shareholder prediction was recently followed by a reaction to a 2017 New York Times interview with BlackRock CEO Larry Fink where it had been said, “Behavior are gonna have to change and this is one thing we’re asking companies. You have to force behaviors, and at BlackRock we are forcing behaviors.”
Beside Fink, then-CEO of American Express Kenneth I. Chenault added, “We’re doing the same thing.”
The BlackRock executive added, “If you don’t force behavior, whether it’s gender or race or — just anyway you wanna say the composition of your team — you’re gonna be impacted.”
In one reply to the resurfaced clip, Musk simply said, “Concerning.”
— Elon Musk (@elonmusk) June 5, 2023
The position of the re-crowned richest man in the world was shared by many who called out the billions in losses that have followed the woke virtue-signaling from major corporations of late.
Almost $30 billion for the Bud Light debacle. Close to 10 for target. Sounds like a good lawsuit.
— Joe Chasko (@JHC_53) June 2, 2023
— The Golden Age is coming (@PatriotNz2022) June 2, 2023
Stakeholders vs shareholders
— James Poulos (@jamespoulos) June 2, 2023
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