- Target Loses a Staggering $8.2b in Market Value in the Week Since Backlash Over Trans-Friendly Swimwear Began – as Presidential Candidate Vivek Ramaswamy Says Retail Giant Has ‘Spat in the Face’ of Conservatives
by KEITH GRIFFITH FOR DAILYMAIL.COM and ASSOCIATED PRESS
* Target’s market capitalization has shed more than $8 billion in the past week
* Retailer faced conservative backlash over LGBT collection for Pride Month
* Target this week removed some products in response to hostile customers
Target’s market capitalization has shed more than $8 billion in the past week as investors weigh the impact of conservative backlash to the retailer’s LGBT collection for Pride Month. On May 17, before the controversy exploded, Target shares closed at $160.96, giving the retailer a market valuation of roughly $74.3 billion.
On Wednesday the stock closed at $143.10, down 11.1 percent from a week earlier, for a market cap of $66.1 billion, down $8.2 billion from a week earlier. The shares dropped a further 2 percent in early trading on Thursday and sat near a 52-week low.