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:
DEADLINE
REPORTS:
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
https://thewaltdisneycompany.com/investor-relations/
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.