Elon Musk predicts class action lawsuits against Target after company loses $15 billion over swimsuit tucking

Elon Musk has warned that Target could face class action lawsuits from investors after the company’s value fell by more than $15 billion over the controversy over its Pride collection, which included a “crease-friendly” women’s swimsuit.

Musk was responding to a tweet from conservative commentator Charlie Kirk, who shared how JPMorgan had downgraded Target’s stock over concerns and specifically about the retailer’s association with millennials.

JP Morgan just cut Target’s stock after its longest streak of losses in 23 years, citing “too many worries mounting.” Happy Pride Month Target!!’ Kirk wrote.

“It won’t be long before there are class action lawsuits by shareholders against the company and board of directors for destruction of shareholder value,” Musk wrote in response.

In response to Kirk’s tweet, Musk wrote on Twitter: “Happy Pride Month Target!!” and further noted that it wouldn’t be long before shareholders would take legal action against the company and its board of directors for the loss of shareholder value.

Conservative commentator Charlie Kirk shared how JP Morgan had cut Target’s stock over concerns and specifically about the retailer’s association with millennials

Elon Musk responded that he believes Target is likely to face class action lawsuits from investors after the company’s value falls by more than $15 billion

Kirk agreed with Musk’s statement and actively encouraged shareholders to take legal action

In 2022, according to the 2021 tax return, Target’s nonprofit foundation funded the NDN Collective, an Indigenous-led organization dedicated to building Indigenous power

Kirk agreed with Musk’s statement and actively encouraged shareholders to take legal action.

97% of Americans prefer depoliticized corporations to today’s hyperpolitical corporations. Shareholders should organize to make this possible,” Kirk said.

Target’s share price has been in a downtrend since November 2021, but has plummeted in recent weeks, amid widespread backlash over its Pride display.

The share price is down nearly 17 percent over the past month, with the shares trading nearly 2 percent lower on Monday alone.

The drop in Target’s stock and market value, amounting to $15 billion, is also partly attributed to investor concerns about the impact of inflation on consumer behavior.

Target’s share price has been falling since November 2021, but it has tumbled in recent weeks, amid widespread backlash over its Pride display, falling 5 percent over the past week

Target’s stock price is down nearly 17 percent over the past month, with shares trading nearly 2 percent lower on Monday alone

Target is funding a group that wants to close down Mount Rushmore believing it to be an “international symbol of white supremacy” and demilitarize the “violent” US military

It was revealed on Monday how the retail giant has funded a group seeking to close Mount Rushmore, believing it to be an “international symbol of white supremacy,” and demilitarize the “violent” US military.

Fox news reported that according to the 2021 tax return, Target’s non-profit foundation funded the NDN Collective in 2022, an Indigenous-led organization dedicated to building Indigenous power, according to their website.

The NDN Collective is calling for the sovereign land where Mount Rushmore is located to be returned to the Lakota people.

Target has ramped up its diversity program in recent years under chief Kiera Fernandez, who previously called on “white women” to fight systemic racism.

Target has lost billions of dollars in market cap in the space of a few days as it is currently facing backlash for a Pride-themed clothing line

Target has been selling ‘pleat-friendly’ bathing suits for women, and a tweet last week claimed it was also selling such bathing suits to children

Conservatives and moderates alike have boycotted Target since it was revealed last month that the retailer sold clothing with LGBTQ-friendly slogans like “Trans People Will Always Exist!”, “Gay” and “Live Laugh Lesbian.”

Some have accused the chain of catering to children, citing a tweet claiming to show a “pleat-friendly” girl’s swimsuit with “extra crotch coverage.”

Several stores in the rural South have now reportedly hidden and toned down Pride sections, and employees at Target’s headquarters are said to have held an “emergency meeting” to avoid what one insider called a “Bud Light situation.”

In a statement last month, Target — led by CEO Brian Cornell — announced that the company had withdrawn a number of items it had received complaints about, specifying that they were “at the center of some of the most confrontational behavior.”

Bud Light’s partnership with trans influencer Dylan Mulvaney has led to a massive drop in sales over the past two months

Goal And bud light recently came under fire for their efforts to appeal to the LGBTQ+ community, but came under even more fire when they tried to back down.

Six weeks earlier, transgender influencer Dylan Mulvaney revealed on social media that Bud Light had sent her a memorial tin with her photo on it. Boycott threats immediately followed, fueled by conservative commentators such as Matt Walsh, who has 1.9 million Twitter followers.

Kohl’s, Lego and Southwest Airlines have also faced criticism for their LGBTQ-friendly marketing in recent days.

The backlash has had real consequences. In the month ending May 13, Bud Light sales in the US fell 23 percent, according to Bump Williams Consulting.

Shares of Target are down 20 percent since mid-May, wiping out $15 billion in market value, though that’s partly due to investor concerns about the impact of inflation on shoppers.