Earlier this month, Ben & Jerry’s released a controversial tweet on July 4, saying that the US was built on “stolen indigenous land.”
“This 4th of July, it’s high time we recognize that the US exists on stolen Indigenous land and commit to returning it. Learn more and take action.”
– Ben & Jerry’s wrote in the July 4 Twitter post.
The post led to a sharp backlash and calls for boycotts against the company, similar to the ones recently seen against Bud Light (NYSE: BUD), Target (NYSE: TGT), and Walt Disney Co. (NYSE: DIS) over their respective controversial ad campaigns.
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“Make @benndjerrys Bud Light again.”
– one Twitter user commented on the post.
“Just when you think @benandjerrys couldn’t go any lower – they pull this stunt. Boycott Ben and Jerry’s.”
– another user wrote.
Consequently, shares of Unilever (NYSE: UL), a consumer goods giant that owns Ben & Jerry’s, caused slightly bearish sentiment among its investors, pushing the stock into the red.
Ben & Jerry’s stock price analysis
At the time of publication on July 11, Unilever’s shares were standing at $51.15, almost unchanged from the previous trading day.
On a weekly chart, UL slipped more than 2%, with the steepest decline coming on July 5 after the markets reopened following the Independence Day holiday after hitting a 1-week high of $52.35 on July 3.
On a monthly basis, Unilever’s stock rose by around 2.75%.
While the impact of the criticism on UL stock is not very significant as of now, its extent could grow if boycotts spread and gain traction and as in the case of Target, Bud Light, and Disney earlier this year.
Investors will be keenly following the developments around this situation, and will likely make a move to protect their funds if the backlash gets exacerbated.
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