Culture Wars/Current Controversies

Target’s stock loses $13.8B, sinks to lowest level since 2020 over boycotts

By and

Target’s stock has lost a whopping $13.8 billion over the past two weeks, hitting its lowest levels in nearly three years as the “cheap chic” discount retailer continues to face backlash over LGBTQ-friendly kids clothing.

Shares of the embattled chain sank 2.2% at $130.93 on Wednesday after dropping for eight straight sessions — the stock’s longest losing streak since November 2018 — giving the company a market capitalization of $60.4 billion.

That’s off 19% from two weeks earlier on May 18, when the stock was trading at $160.96 on the eve of the crisis.

It’s also the lowest levels Target shares have hit since the company was recovering from the depths of the pandemic in mid-2020.

The ongoing losses are a result of an ongoing 14-day boycott that was triggered by Target’s release of “PRIDE,” an LGBTQ-friendly line that includes clothing for children and “tuck-friendly” women’s swimwear with “extra crotch coverage.”


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