(SNews) – American retail giant Target Corp has seen a staggering $10 billion wiped from its market capitalization amid widespread boycotts against the company.
Target has been met with a severe backlash after it tried to go “woke” by selling a range of transgender clothing for children.
Before the boycotts, Target’s stock price was hovering near $160.96 a share on May 17, according to a report from The New York Post.
However, viral videos and images have been spreading on social media showing transgender-friendly “tuck-friendly” and “binding” bathing suits for kids being promoted for sale in stores.
Target is also selling greeting cards celebrating “queerness” in a display clearly aimed at young children.
The news has led to calls for a boycott of Target.
Ten days later, after the final day of trading before Memorial Day weekend, the stock price had dropped to $138.93 per share.
A drop of $22 per share amounts to a 14% decrease in value – which translates to a $10 billion loss for the Minnesota-based company.
However, the stock value was hit hard when markets opened on Tuesday morning.
The value has continued to sink throughout today and is down another 3.3%, standing at $134.33 at the time of publishing.
The retailer’s prominent Pride displays, which include trans-themed baby clothes, quickly led to calls for a boycott of the company.
As Slay News reported earlier, Target immediately focused on damage control as the backlash started to spread.
Executives participated in an “emergency call” in an effort to avoid what one company insider referred to as a “Bud Light situation.”
The insider told Fox News that, at least in some areas across the country, “We were given 36 hours, told to take all of our Pride stuff, the entire section, and move it into a section that’s a third the size.
“From the front of the store to the back of the store, you can’t have anything on mannequins and no large signage.”
The “Bud Light situation” the insider referenced was the immediate backlash and plummeting sales that followed a short-lived partnership between the Anheuser-Busch signature product and transgender influencer Dylan Mulvaney.
In the weeks following Mulvaney’s promotion, Anheuser-Busch has lost billions in market capitalization and at least two marketing executives connected with the partnership have been placed on leave.
By late last week, Investors Business Daily was reporting that Anheuser-Busch had already lost upwards of $17.5 billion.
The company was resorting to offering to buy back unsold merchandise from retailers after it was left still sitting on shelves unsold.