The Walt Disney Company’s stock continued to fall on Thursday after the Florida House passed a bill stripping Walt Disney World in Orlando of its self-governing district, opening the way for Gov. Ron DeSantis (R) to sign the bill into law.
Disney’s stock fell more than 2% in Thursday trading and is now down more than 6% for the week. The stock has been on a downward trend for the past year, losing more than 30% in that time to become the Dow Jones Industrial Average’s worst performer.
The result is a retaliatory maneuver by Florida Republicans in response to Disney’s resistance to the so-called “Don’t Say Gay” statute, as well as a diversion from congressional redistricting that, will abolish two majority-Black voting districts.
DeSantis’ fight against Disney is the newest front in a culture war he’s waging over COVID-19 limits, sexuality, and gender, which has propelled him into the presidential race for 2024.
S.B. 4-C, a bill that would abolish the Reedy Creek Improvement District, a unique regulatory jurisdiction for the Walt Disney World Resort that was established more than 50 years ago, was passed by the Florida House on Thursday by a vote of 70-38.
— Sean Moran (@SeanMoran3) April 21, 2022
The bill was approved by the state Senate earlier this week. On Friday, Gov. DeSantis is likely to sign the bill into law.
After pledging to fight Florida’s Parental Rights in Education law, which prohibits the teaching of sexual orientation and gender ideology to children in kindergarten through third grade, the state’s decision to dissolve Disney’s special district is the latest salvo in the state’s feud with the entertainment giant.
Disney CEO Bob Chapek has promised that he will continue to work to abolish the parental rights statute, as well as similar laws in other states.
Disney received a slew of benefits from the Reedy Creek Improvement District, including the ability to develop the 25,000-acre region without seeking government approval.