HIMS stock plummets 8% after CEO of hair loss company sparked outrage and boycotts by offering campus protestors jobs continuing downward trend on Wall Street

Shares of male hair loss company ‘HIMS’ have plummeted further after its CEO sparked backlash and boycott threats by offering jobs to pro-Palestinian protesters at university.

Andrew Dudum, who identifies as Palestinian-American, expressed his support for the student protesters on American campuses on X.

“Moral courage > university degree,” the 35-year-old CEO wrote on Wednesday. “If you are currently protesting the genocide of the Palestinian people and the divestment of your university from Israel, then continue. It functions. There are plenty of companies and CEOs who would like to hire you, regardless of the university discipline.’

Also known as Hims & Hers Health, Inc., the online sexual health company fell to $11.26 from its opening price of $12.24 on Friday.

The significant drop came just two days after Dudum’s controversial post — which immediately sparked backlash — though it’s unclear whether the recent drop is directly related to that.

The eight percent price drop comes amid a 14 percent downward trend since May 1, when the price was $13.10. And on top of that, the stock is down a total of 33 percent since March 21, when it sold for $16.73 per share.

Andrew Dudum, who identifies as Palestinian-American, voiced his support for the student protesters on US campuses on X

Pro-Palestinian students at the University of Georgia protest Friday in front of the UGA Arch in Athens

Protesters at a pro-Palestinian encampment on the University of Chicago campus

The company’s chief legal officer had also arranged a $31,000 share sale in September, which took effect on May 1 – which could explain why investors have since been withdrawing shares from the company.

Conservative writer Ben Domenech wrote, “If you support Israel, cancel your HIMS subscription immediately. You can get similar products cheaper elsewhere.’

Joe Lonsdale, co-founder of software company Palantir Technologies, also said, “True moral courage doesn’t mean joining a mindless gang, calling out anti-American and other people who wake up Pablum, and following instructions not to debate or discuss your views. yet they are all indignantly righteous, while large numbers of people in the crowd shout for violence and hold back Jewish students.”

Many pointed out that Dudum may be harming the interests of shareholders who may disagree with him, since HIMS is a publicly traded company.

Others shared screenshots of their subscription cancellations, with one X user writing the reason: “Your CEO supports Hamas.”

Dudum’s statement marked a major change in tone compared to the protest responses of many other CEOs.

Others vowed not to engage student protesters amid the anti-Israel movement sweeping college campuses nationwide.

Last week, organized encampments popped up for the first time at the prestigious Columbia University in New York City — and other universities across America followed suit.

Bill Ackman, head of Pershing Square Capital Management, announced that he would not hire Harvard students who signed a letter blaming Israel for Hamas’ attack on Israel on October 7.

“Shark Tank” star Kevin O’Leary said pro-Palestinians are “screwed” because companies can use AI technology in the hiring process to root out any support from the anti-Israel movement and refuse to hire them.

‘Here’s your resume with a photo of you burning a flag. See that one. That goes in this pile right here because I can get the same person’s talent in this pile that doesn’t burn anything,” O’Leary said on Fox News.”The five‘ on Wednesday.

HIMS faces a similar dilemma as Bud Light, the largest beer brand in the US that faced widespread boycotts in April 2023 after a partnership with transgender influencer Dylan Mulvaney.

In the month following the ad, Bud Light sales fell between 11 and 26 percent.