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Target's stock value is taking a hit, leaving shareholders in the lurch as controversy continues to swirl over its Pride merchandising plans, as first reported by Fox News Digital.
Shares slipped another 1.6% on Thursday and have dropped more than 12.6% since the furor erupted a week ago Wednesday, as tracked by Dow Jones Market Data Group. That amounts to $9.3 billon in market value.
Shares have fallen for six consecutive days over that period, their longest losing streak since December 2022 and the worst six-day stretch since the six days ending May 25, 2022, when shares fell 27.34%.
Over the same time frame, the S&P 500 is little changed. Inquiries by FOX Business to Target on its stock selloff were not immediately returned.
Target .
"For more than a decade, Target has offered an assortment of products aimed at celebrating Pride Month," a company spokesperson told Fox News Digital. "Since introducing this year’s collection, we've experienced threats impacting our team members’ sense of safety and well-being while at work. Given these volatile circumstances, we are making adjustments to our plans, including removing items that have been at the center of the most significant confrontational behavior. Our focus now is on moving forward with our continuing commitment to the LGBTQIA+ community and standing with them as we celebrate Pride Month and throughout the year."Ticker Security Last Change Change % TGT TARGET CORP. 140.78 -2.33 -1.62%
CONSUMERS CREEPED OUT BY TARGET'S ‘TUCK-FRIENDLY’ WOMEN'S SWIMWEAR: ‘SHOPPING ELSEWHERE’
Adding fuel to the fire, the retailer's Gay Pride collection has been linked to a controversial designer: Abprallen's Erik Carnell, who is an outspoken Satanist whose brand features occult imagery and messages like "Satan respects pronouns" on brand apparel, Fox News Digital reported separately.
He is also known for aggressive messaging and phrases, including "Burn down the cis-tem," which have been featured on the website along with one that says "homophobe headrest" with an image of a guillotine.
Carnell explained in an Instagram post that Satan represents "passion, pride and liberty" and "loves all LGBT+ people."Ticker Security Last Change Change % BUD ANHEUSER-BUSCH INBEV 56.87 -0.73 -1.27%
Target is experiencing a similar ongoing trend at Anheuser-Busch following the Bud Light backlash after the brand sent transgender activist Dylan Mulvaney a personalized pack of beer with the influencer's likeness as part of an ad for the company's March Madness contest and to celebrate the year anniversary since Mulvaney began identifying as a woman.
Bud Light has faced intense backlash from longtime customers over a recent campaign with transgender activist Dylan Mulvaney. (Instagram/Fox News / Fox News)
Since March 30 through May 25, the Bud Light parent has lost $18.8 billion in market value with shares down more than 14%, as tracked by Dow Jones Market Data Group, as nationwide boycotts of the beer began and sales tanked. The S&P 500 has risen 2.5% over the same time period.
CEO Michel Doukeris attempted to distance the company from the campaign while also vowing to help distributors who bore the brunt of the financial outcry.
Now with Memorial Day weekend approaching, the company is attempting even more damage control. Fox News Digital reported that Bud Light revealed a new promotion called the US Budweiser Family Memorial Day Rebate online for customers from eligible states. The rebate promises an amount "equivalent to the purchase price of one (1) 15-pack or larger, up to $15" of Bud Light, Budweiser, Budweiser Select or Budweiser Select 55 paid via Anheuser-Busch Digital Prepaid Mastercard. Based on recent prices for Bud Light products, however, in some cases this would be giving packs of beer away for free.
Anheuser-Busch .
BUD LIGHT SALES DOWN 23.6% IN FIRST WEEK OF MAY AS BACKLASH CONTINUES INTO FIFTH WEEK AMID MULVANEY FALLOUT
Several executives who created and launched the campaign have since been put on leave.
Fox News Digital's Brian Flood, Kristine Parks, Lindsay Kornick and Alexa Moutevelis contributed to this report.
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Labour MP Kim Leadbeater, who proposed the legislation, was seen crying in the chamber as it went through.
Campaign group Dignity in Dying hailed the result as “a landmark moment for choice, compassion and dignity at the end of life”.
“MPs have listened to dying people, to bereaved families and to the public, and have voted decisively for the reform that our country needs and deserves,” said Sarah Wootton, its chief executive.
The bill will now go to the House of Lords, where it will face further scrutiny before becoming law.
Due to a four-year “backstop” added to the bill, it could be 2029 before assisted dying is actually offered, potentially coinciding with the end of this government’s parliament.
The bill would allow terminally ill adults with fewer than six months to live to apply for an assisted death, subject to approval by two doctors and a panel featuring a social worker, senior legal figure and psychiatrist.
Image: Campaigners with Dignity in Dying protest in favour of the assisted dying bill. Pic: PA
Ms Leadbeater has always insisted her legislation would have the most robust safeguards of any assisted dying laws in the world.
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MP: ‘Surreal’ moment as assisted dying passes Commons
Opening the debate on Friday she said that opposing the bill “is not a neutral act. It is a vote for the status quo”.
She warned that if her plan was rejected, MPs would be asked to vote on it again in 10 years and “that fills me with despair”.
MPs have brought about historic societal change
A chain of events that started with the brutal murder of an MP almost 10 years ago has today led to historic societal change – the like of which many of us will never see again.
Assisted dying will be legalised in England and Wales. In four years’ time adults with six months or less to live and who can prove their mental capacity will be allowed to choose to die.
Kim Leadbeater, the MP who has made this possible, never held political aspirations. Previously a lecturer in health, Ms Leadbeater reluctantly stood for election after her sister Jo Cox was fatally stabbed and shot to death in a politically motivated attack in 2016.
And this is when, Ms Leadbeater says, she was forced to engage with the assisted dying debate. Because of the sheer volume of correspondence from constituents asking her to champion the cause.
Polls have consistently shown some 70% of people support assisted dying. And ultimately, it is this seismic shift in public opinion that has carried the vote. Britain now follows Canada, the USA, Belgium, Switzerland, the Netherlands and Australia. All countries with sophisticated health systems. Nowhere has assisted dying been reversed once introduced.
The relationship between doctor and patient will now also change. The question is being asked: Is an assisted death a treatment? There is no decisive answer. But it is a conversation that will now take place. The final answer could have significant consequences, especially in mental health settings.
There are still many unknowns. Who will be responsible for providing the service? The NHS? There is a strong emotional connection to the health service and many would oppose the move. But others will argue that patients trust the institution and would want to die in its arms.
The challenge for health leaders will be to try and reconcile the bitter divisions that now exist within the medical community. The Royal Colleges have tried to remain neutral on the issue, but continued to challenge Ms Leadbeater until the very end.
Their arguments of a failure of safeguards and scrutiny did not resonate with MPs. And nor did concerns over the further erosion of palliative care. Ms Leadbeater’s much-repeated insistence that “this is the most scrutinised legislation anywhere in the world” carried the most weight.
Her argument that patients should not have to fear prolonged, agonising deaths or plan trips to a Dignitas clinic to die scared and alone, or be forced to take their own lives and have their bodies discovered by sons, daughters, husbands and wives because they could not endure the pain any longer was compelling.
The country believed her.
The assisted dying debate was last heard in the Commons in 2015, when it was defeated by 330 votes to 118.
There have been calls for a change in the law for decades, with a campaign by broadcaster Dame Esther Rantzengiving the issue renewed attention in recent years.
Supporters have described the current law as not being fit for purpose, with desperate terminally ill people feeling the need to end their lives in secret or go abroad alone, for fear loved ones will be prosecuted for helping them.
Ahead of the vote, an hours-long emotionally charged debate heard MPs tell personal stories about their friends and family.
Maureen Burke, the Labour MP for Glasgow North East, spoke about how her terminally ill brother David was in so much pain from advanced pancreatic cancer that one of the last things he told her was that “if there was a pill that he could take to end his life, he would very much like to take that”.
She said she was “doing right by her brother” in voting for it.
How did MPs vote?
MPs were given a free vote, meaning they could vote with their conscience and not along party lines.
The division list shows Prime Minister Sir Keir Starmer voted in favour of the bill, but Conservative leader Kemi Badenoch voted against.
Health Secretary Wes Streeting and Justice Secretary Shabana Mahmood, who will have to deliver the bill, also voted no.
Opponents have raised both practical and ethical concerns, including that people could be coerced into seeking an assisted death and that the bill has been rushed through.
Veteran Labour MP Diane Abbott said she was not opposed to the principle of assisted dying but called the legislation “poorly drafted”.
Former foreign secretary James Cleverly echoed those concerns, saying he is “struck by the number of professional bodies which are neutral on the topic of assisted dying in general, but all are opposed to the provisions of this bill”.
Recently, the Royal College of Psychiatrists, the Royal College of Pathologists and the Royal College of Physicians have raised concerns about the bill, including that there is a shortage of staff to take part in assisted dying panels.
However, public support for a change in the law remains high, according to a YouGov poll published on the eve of the vote.
The survey of 2,003 adults in Great Britain suggested 73% of those asked last month were supportive of the bill, while the proportion of people who feel assisted dying should be legal in principle stood at 75%.