Staff Reports
The retailer Target is currently in the middle of a controversy after it decided to feature large "pride" sections in its stores, which are filled with controversial products. One of these is a swimsuit that has caused an uproar. The company's stock price has lost over $13 billion due to the backlash.
According to Kevin O'Leary, the collapse of Target's market value will have a significant impact on how corporate America views itself. He said that investors are concerned that companies may be losing their way in terms their objective.
The controversy involving Target is a good example of how companies can get too far away from their mandate when it comes to social media, according to O'Leary. Companies must be careful when engaging in activities on the platform where anything can be shared widely.
He said that companies need to figure out what their messages are going to be sent out through social media. He suggested that media and communications committees be created to help guide the boards.
Shark Tank Star Explains How Target Saga Will Lead to a 'Complete Change' in Corporate America's Thinking https://t.co/lAuokaePT1 "When you can't control the message anymore through social media, which is clearly obvious, you better figure out what message you're putting out…
— 🇺🇸 JimAaron 🇺🇸 (@ArOkTxNm1) June 7, 2023
When a company's market value has lost over $11 billion, many investors are complaining. They're referred to as "your investors," he said.
It is clear that companies can be severely punished if they start prioritizing political correctness over their main objective of serving their shareholders, employees, and customers. Target's actions demonstrate that Americans value traditional values above political correctness.
Source: Townhall
