South Carolina Kicks Disney Right in the Teeth, Pulls Its State Funds

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Walt Disney Studios marked its centennial anniversary this year.

But instead of a celebration worthy of a century of bringing joy to children, the past 12 months have brought multiple box-office flops and disappointments.

South Carolina State Treasurer Curtis Loftis believes the company is dealing with “structural rot,” which is causing it to turn away from its responsibilities to stockholders.

“I think it’s clear to anybody paying attention that there’s a structural rot inside of Disney. It’s deep, it’s pervasive, and I suspect Bob Iger, since his return as the CEO, now realizes it can’t be fixed,” Lifti told Fox Business Digital.

Loftis announced that South Carolina will divest $105 million worth of Disney debt securities due to concerns over the company’s leadership and its embrace of ESG (Environmental, Social and Governance) principles.

Loftis said Disney has abandoned its fiduciary duty to shareholders in favor of ESG, which he defined as a “speech and behavior code that was … created by the left and delivered to everybody else.”

“The sane, sober, talented, mature people are gone, and now you have the gender studies crowd running Disney,” Loftis said, “That’s why their movies are flops and their market cap, I think, is about half what it used to be. It’s a tremendous loss to America — we all grew up on Disney,” he added.

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