Disney shares close under $100 for the first time in more than two years

The Walt Disney Company’s stock extended its precipitous fall this week, falling 9% to settle at $99.40 on Friday, the first time the company has closed below $100 in more than two years.

Shares of the Walt Disney Co. continued their free fall this week, dropping 9 percent to close Friday at $99.40 — the first time the stock has closed below $100 in more than two years. https://t.co/AnrxiE3SEq

— Breitbart News (@BreitbartNews) June 11, 2022

Following a big shake-up in the company’s executive offices, Disney shares have taken a huge hit this week.

CEO Bob Chapek abruptly fired his chosen successor, Peter Rice, on Thursday, shocking the entertainment industry and leaving Disney employees in disbelief.

Peter Rice is out a Disney.

Sources say embattled Disney CEO Bob Chapek summoned Rice and relieved the former Fox exec of his duties. The CEO is said to have felt that Rice was no longer a fit https://t.co/SaC6EIwXrv pic.twitter.com/FXn2LOtGKy

— The Hollywood Reporter (@THR) June 9, 2022

Disney’s stock has lost 37% this year, making it the Dow Jones Industrial Average’s worst performer.

In April 2020, Disney shares fell below $100 for the first time.

Disney is still recovering from its battle with Florida Gov. Ron DeSantis (R) over the state’s Parental Rights in Education law, which prohibits the teaching of sexuality and gender ideology to children in kindergarten through third grade, including transgenderism.

CEO Bob Chapek bowed to pressure from a small group of outspoken employees and pledged the company’s support for extreme LGBTQ advocacy.

Bob Chapek Has “Support and Confidence” of The Walt Disney Company Board of Directors https://t.co/9QYvplHM0g

— BlogMickey.com (@Blog_Mickey) June 9, 2022

He stated that Disney would keep working to have the Florida statute repealed.

As a result, Florida took away Walt Disney World’s self-governing status in Orlando, potentially exposing the firm to new taxes and restrictions.