It appears Target won't be recovering from its hefty “Bud Light” effect anytime soon.
Since May, the store has suffered immense losses from its controversial marketing of “tuck-friendly items,” as well as items aimed at LGBTQ+ children and clothing from someone claiming to be a Satanist.
Target took a major hit on the chin, losing a jaw-dropping $15 billion in market cap as investors watched their top pick slip from $74 billion to $60.3 billion. If possible, things got worse for the American retail giant as they were hit with massive downgrades based on the “company's controversies” and “diminishing store traffic.”
Now, Target is facing a lawsuit from a shareholder who is claiming that the store’s move to the radical left has cost them billions.
American First Legal (AFL) announced the lawsuit on Tuesday, filed on behalf of Brian Craig, a Target shareholder. The suit alleged that Target and its board of directors had “betrayed Target’s customers and shareholders with misleading representations about its Environmental, Social, and Governance (ESG) and Diversity, Equity, and Inclusion (DEI) mandates, and for causing Target shareholders to lose billions of dollars.”
AFL further stated that Target had made a false assurance to its shareholders about their responsibilities when it comes to environmental and social issues.
“However, management only cared whether its leftist ‘stakeholders’ were satisfied, disregarding the possibility that its customers and shareholders might feel differently. Thus, In May 2023, Target embraced the radical transgender agenda with its children-and-family-themed ‘Pride’ marketing and sales campaign – the corporation’s infamous ‘Pride’ collection included clothing for young children… this predictably caused more than a $12 billion collapse in share value, the largest stock price decline in over 20 years,” the group stated.
As Target’s stock price hit an all-time low of $130, a step down from $160 five months prior, the giant has made a desperate move. In an effort to draw more people in, they reopened their store with “drive up” Starbucks.
For those looking to pick up a drink, Target offers the intimate convenience of bringing you your drink without getting out of your car.
“We’ve continued listening to our guests,” Target executive Mark Schindele said.
However, marketing yourself more obviously to another woke company is a gamble targeting lost customers. With people weary of Target’s wake behavior, this move won’t be boosting the store anytime soon.
Target dug a big hole for themselves and it's not looking like they’ll get out anytime soon.