'Reckless': Target shareholders livid over company's embrace of LGBT

June 6, 2023
World Net Daily

This story was originally published by the WND News Center.

Several large American corporations have plunged neck-deep into the promotion of the LGBT ideology in recent months, most notably Anheuser-Busch and Target.

The beer maker promoted its partnership with a male social media influencer who is living as a woman and honored him with a beer can with his picture.

The corporation lost somewhere in the range of $27 billion in value within days and analysts say it could be permanent.

Likewise, Target promoted a line of clothing intended for individuals who adopt transgenderism, including women's swimsuits designed for males, and such. It also partnered with a Satanist to develop various projects.

The public reaction was such that it lost some $13 billion in value.

Now those political agendas are creating their own costs.

It is the National Center for Public Policy Research that confirmed its Free Enterprise Project is demanding Target's "corporate books and records related to its reckless promotion of LGBT products."

As shareholders in the corporation, the NCPPR and FEP served the retailer with demands for transparency into Target's "radical LGBT political agenda."

The organization is represented by the law firms of Boyden Gray & Associates an America First Legal.

Its letter charges that while Target’s Annual Report conceded the company's customer base is America's "families,” it is evident that "Target’s board of directors and management team have bowed to woke leftists by recklessly embracing the radical agenda of the LGBT movement."

However, that appears to ignore the fiduciary responsibility directors and managers have to their shareholders "by entering the realm of political activism."

FEP chief Scott Sherpard explained, "Target’s executives and directors must maximize the value of the company, not the visibility of their pet political positions.

"When a profoundly partisan, wholly unnecessary move results in billions in value being sheared from a company, the CEO’s response better not be cannot be 'it’s the right thing for society, and it’s the great thing for our brand.' When that happens, as it did here, Target’s CEO Brian Cornell has admitted he’s running the company into the ground on purpose for personal reasons. Shareholders must step in to stop him."

Stephen Miller, head of America First Legal, noted, "Target has formally acknowledged to its shareholders the significant financial risks that would come from eroding positive public perceptions of its brand. Yet Target went ahead and embraced the most radical and offensive excesses of anti-family, anti-child gender extremism: promoting products like ‘tuck-friendly’ bathing suits and Satanist-inspired clothing.

"The transgender agenda, as is well known and not disputed, holds that innocent children are trapped in the wrong body of the opposite sex – a purported malady for which the only ‘treatment’ is to chemically castrate, sterilize and surgical mutilate the child. This includes double mastectomies on healthy girls and puberty blockers and testosterone for healthy boys that will leave them sterile and sexually undeveloped for life."

Miller said, "For Target to voluntarily and aggressively associate itself with this movement is an act of sabotage against Target shareholders and a destroyer of value – especially for countless Americans for whom shares of Target are part of the pension funds, mutual funds, and retirement accounts on which they depend."

At virtually the same time the letter was being sent to Target, Elon Musk was warning that Target should expect lawsuits from shareholders because of its political agenda.

Those lost billions of dollars?

"Target should expect lawsuits from shareholders over its Pride range 'for the destruction of shareholder value,'" Elon Musk said, according to Business Insider.

JPMorgan now has downgraded Target's stock.

"Won't be long before there are class-action lawsuits by shareholders against the company and board of directors for the destruction of shareholder value," Musk said on social media.

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