Elon Musk Weighs In on Target Boycott
Target should prepare for themselves for legal action after the brand faced a boycott for selling trans-positive swimwear.Target infuriated some people after selling "tuck-friendly" swimwear—designed for trans women who are yet to have gender-affirming surgery.
They have since pulled the product from stores after facing a backlash, but with the boycott already in effect Target has lost $4 billion in its market cap price in the last week of May.Musk thinks the drop in values is likely to have repercussions for the brand, with Target shareholders likely to make a "class-action lawsuit" over its loss of earnings.In anticipation of Pride month, Target launched an LGBTQ+ range of clothing, which caused some conservatives to give them "the Bud Light treatment" and start a boycott.
Political commentators like Candace Owens and Steven Crowder supported the action after "tuck-friendly" swimsuits were brought to public attention."JP Morgan just downgraded Target's stock, after its longest losing streak in 23 years citing "too many concerns rising,'" conservative podcast host Charlie Kirk wrote on Twitter, adding "Happy Pride Month Target!!"On Friday, Musk responded to Kirk's tweet, sharing his own prediction for Target's future."Won't be long before there are class-action lawsuits by shareholders against the company and board of directors for destruction of shareholder value," the owner of Twitter wrote.Target's backlash echoed that of Anheuser-Busch InBev brand Bud Light who are facing their own boycotts for collaborating with transgender influencer Dylan Mulvaney.
At the end of May, it was reported that Target's stock dropped nearly five times more than Bud Light's at the same point in the boycott.Won’t be long before there are.
