The Republican State Treasurer of South Carolina Curtis Loftis announced in a Tuesday press release that the state has removed The Walt Disney Corporation from the State’s approved investment list, ensuring that none of the $105 million in Disney debt instruments will be replaced once they’ve matured. Loftis cited his growing concerns with Disney’s “political agenda.”
In a statement posted to X the Treasurer’s Office said, “South Carolina State Treasurer Curtis Loftis has removed The Walt Disney Company (NYSE: DIS) from its approved investment list. The State Treasurer’s Office portfolio contains $105 million dollars of Disney debt instruments that will mature as scheduled and will not be replaced. The Treasurer will focus on the equity portfolio in the coming weeks.”
According to the press release, Loftis explained his concerns that “Disney has abandoned its fiduciary responsibilities to its investors and customers by joining far-left activist in boycotting legal, taxpaying, employment-creating corporations to further Disney’s political agenda.”
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— S.C. State Treasurer’s Office (@TreasurerLoftis) December 5, 2023
He added,
“Multi-billion-dollar corporations should not engage in boycotts designed to silence legitimate debate. Since America’s founding, freedom of speech has been one of its core principals, and Disney should not engage