(OutKick) If you thought Anheuser-Busch and Bud Light’s stock was sinking like a brick, wait till you see what’s going on over at Target.
The major retailer has reportedly lost $9 billion over the past week in the wake of the controversial kids’ pride section being displayed in several stores.
That would be billion with a b.
Last Wednesday — a day before the controversy erupted — Target’s stock closed at $160.96 a share, giving them a market capitalization of $74.3 billion.
As of Thursday morning, shares of the company were trading off 1% at $141.76 — bringing that above number down to $65.3 billion, which is a staggering 12% drop.
“Since introducing this year’s collection, we’ve experienced threats impacting our team members’ sense of safety and well-being while at work,” Target said in a statement Tuesday after reportedly holding “emergency meetings” over the backlash.
“Given these volatile circumstances, we are making adjustments to our plans, including removing items that have been at the center of the most significant confrontational behavior.”
Target apparently learned nothing from Bud Light
Holy cow. Nine billion dollars! I guess that’s pennies on the dollar when you’re still worth $65 billion, but goodness gracious it’s never great to lose $9 billion.
As predicted here at OutKick — yours truly wrote about this before just about anyone else realized what was going on — the backlash towards Target has been a direct hit.