DISNEY WORLD LOSES FLORIDA TAX EXEMPTION, STOCK DROPS BIGLY
The Florida Senate voted Wednesday to end Disney's special taxing district in a battle over the state's new sex education law, pushing the theme park giant a step closer to losing the unique autonomy it has functioned under since the park was built more than five decades ago.
The Republican-led Senate voted to end the Reedy Creek Improvement District just one day after Gov. Ron DeSantis, a Republican, announced he was calling on the Legislature, meeting this week in a special session, to take up a measure.
The Republican-led House is expected to pass the bill Thursday and send it to Mr. DeSantis for his signature.
Disney is in a public battle with the governor over the state's Parental Rights in Education law, which prohibits sex education in early elementary school. Critics call it the "Don't Say Gay" bill. Disney executives, under pressure from park employees and other opponents, urged Mr. DeSantis not to sign it. When the bill became law, Disney responded by pledging to end contributions to Florida political candidates.
The bill approved by the state Senate on Wednesday specifically targets Disney's one-of-a-kind special taxing and governing district approved in 1967 at the behest of Walt Disney, who sought independence from state and local governance to build and expand his theme park empire in Central Florida.
OTHER RELATED NEWS:
Disney shares are down 8% in heavy trading, extending a selloff that started yesterday after the media conglom posted weaker than expected earnings and streaming data for the September quarter.
Disney shows stock down and graph can show you it was $150 per share a year ago and is now $125 per Share
The Associated Press "fact checkers" claims several online posts are "exaggerated" HOWEVER in the same AP article:
"James Angel, a finance professor at Georgetown University. Disney's market capitalization is almost $238 billion, and the value can change by "a billion dollars here or there" if the stock price fluctuates by just 50 cents, he noted."
DO FACT CHECKERS BOTH DENY AND CONFIRM MAJOR LOSSES?
THIS AP ADMISSION CONFIRMS THE LOSS OF BILLIONS IN STOCK VALUE some have been saying for weeks also. $150 stock value per share last year to $125 stock value per share today, THAT's 2 billion dollars for each one dollar decrease in value for a total of 50 billion in lost value in one year in Disney stock.