After Disney booted “woke” CEO Bob Shapek and replaced him with former CEO Bob Iger, also a “woke” businessman, Disney’s stock dropped. The move comes as much uncertainty has arisen with the stock, as well as many questions arising due to the leftist bent the company has been pursuing. The move by Disney is injecting much uncertainty into the market.
“Disney stock faded more than 1% on the second day of Bob Iger‘s return engagement as CEO,” reports the far-left Deadline, “reflecting investors’ divergent outlooks on the media giant’s prospects.”
Shares in the Dow component finished at $96.21, down 1.4% on more than twice the normal trading volume. The downbeat session made Disney one of the few laggards in the media sector during an overall up day for the broader market.
Iger’s stunning return to the company he led as CEO from 2005 and 2020, replacing Bob Chapek after an up-and-down two-and-a-half years has heartened many employees at the company as well as investors. The stock jumped 6% on Monday, though it gave back some of its gains over the course of the trading day.
Before Disney outed itself as a company no decent parent would leave their child alone with, as recently as February, the stock was worth nearly $156 per share. Now, even with the magic return of The Mighty Bob Iger, it’s still down almost 40 percent from its annual, pre-pro-groomer high.
Iger changed familiar characters such as the Muppets and made changes to franchises such as Star Wars and Pirates of the Caribbean. His reign also saw the ending of the Indiana Jones franchise.