Disney risks Bud Light-style boycott as social media users threaten to never spend a single dollar on Disney after the company partnered with a controversial TikTok influencer.
Seann Altman, who identifies as a male but sometimes dresses up as a woman, did a sponsored post for the Disney Style TikTok account where he wore a Minnie Mouse-inspired look.
Parents were quick to respond with rage, comparing it with Bud Light’s Dylan Mulvaney collaboration, which wiped out $27 billion off of the beer maker’s market value.
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“I’ll never support Disney again. It started long before this,” said one user on Twitter.
“Cancelling Disney Plus subscription. First step,” another user wrote.
This is not the first Disney controversy
The upcoming live-action remake of ‘Snow White’ won’t be following the same script as the 1937 version of the film, and it won’t use the same casting.
Rachel Zeigler, the actress playing Snow White in the new film, said:
“It’s no longer 1937…and she’s not going to be saved by the Prince, and she’s not going to be dreaming about true love.”
In addition, Disney has been criticized for replacing the Seven Dwarfs from the classic fairytale with a mix of non-Dwarf characters.
How did it affect Disney’s stock price
Walt Disney’s (NYSE: DIS) stock price has been steadily declining since February of this year, trading close to $85, a major support level.
The recent backlash didn’t move the price much yet. But if Bud Light’s experience is something we can compare it with, the pain is likely to be ahead.
DIS stock, weekly price chart. Source: StockCharts.com
We have a descending triangle pattern on the weekly chart, which is often a bearish signal. Typically, the price breaks out on the lower side. If this happens and the price holds under $85, we could see $50 in the coming months.
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