Morning Wire Target Boycott Fallout & Historic Credit Card Debt | 5.31.23
May 31, 2023
Target's financial woes deepen as boycotts over its Pride merchandise lead to a staggering $10 billion loss in market valuation. The podcast highlights the intense cultural clash surrounding LGBTQ rights, mirrored by other retailers like Kohl’s. Meanwhile, personal credit card debt in the U.S. reaches a historic high, stemming from economic pressures, prompting many to dip into retirement savings. Adding to the drama, Wall Street donors express unease over Biden's leadership as they contemplate the 2024 election.
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Target Boycott Impact
- Target lost $10 billion in market value due to backlash over LGBT Pride merchandise for children.
- The company now faces bomb threats after moving some Pride items.
Target Merchandise Controversy
- The Target boycott was sparked by controversial items like tuck-friendly women's bathing suits and LGBT items for children.
- Additional reporting revealed the marketing strategy behind these products.
Target's VP and GLSEN
- Target's VP of Brand Marketing, Carlo Saavedra, sits on the board of GLSEN.
- GLSEN promotes transgender education materials in schools, sometimes hiding transitions from parents.