<p><a href="https://www.dailywire.com/news/great-at-killing-jobs-shark-tanks-kevin-oleary-rips-aoc-dems-on-cnn-airwaves" target="_blank" rel="noopener">&#8220;Shark Tank&#8221; investor Kevin O&#8217;Leary</a> said companies are paying close attention to <a href="https://www.dailywire.com/topic/target" target="_blank" rel="noopener">Target</a>&#8216;s &#8220;stunning&#8221; market plunge amid a &#8220;Pride&#8221; collection controversy.</p>
<p>&#8220;The future brings a complete change in the thinking of corporate America, particularly S&amp;P 500 public companies,&#8221; the chairman of O&#8217;Leary Ventures <a href="https://www.foxnews.com/media/targets-stunning-15b-collapse-warning-ceos-shark-tank-star" target="_blank" rel="noopener">told Fox News host Jesse Watters</a> on Monday.</p>
<p>&#8220;How this happened is being scrutinized by lots of other boards right now,&#8221; O&#8217;Leary said. &#8220;And it&#8217;s a discussion that&#8217;s going on every day with institutional investors.&#8221;</p>
<p>In recent weeks, Target lost around $13 billion in market value, a precipitous drop since <a href="https://www.bloomberg.com/news/articles/2023-06-02/target-sheds-14-billion-in-value-on-retail-woes-lgbtq-backlash" target="_blank" rel="noopener">reporting its earnings last month</a>, leaving its market cap <a href="https://www.foxbusiness.com/media/target-shares-plunge-2-market-cap-down-over-13-billion-amid-pride-backlash" target="_blank" rel="noopener">at around $60 billion</a>. Though some analysts say <a href="https://www.cnn.com/2023/06/02/business/target-stock-fact-check-lgbt-backlash/index.html" target="_blank" rel="noopener">broader economic conditions</a> are at play, the plunge coincides with a wave of backlash and calls for a boycott over Target&#8217;s Pride Month collection, which led the Minneapolis-based retailer to <a href="https://apnews.com/article/target-pride-collection-lgbtq-merchandise-backlash-cf4a19844579e6041c6938b13568e17c" target="_blank" rel="noopener">pull some of its LGBTQ+ merchandise</a>. JP Morgan even <a href="https://www.marketwatch.com/story/targets-stock-on-its-longest-losing-streak-in-23-years-downgraded-at-jpmorgan-18860151" target="_blank" rel="noopener">downgraded Target Corp.&#8217;s stock</a>, citing &#8220;consumer pressures and recent company controversies.&#8221;</p>
<p>O&#8217;Leary explained how the Target controversy shows companies are faced with the challenge of striking a delicate balance in showing &#8220;support of diversity in all the mandates that society is discussing openly&#8221; while also protecting the interests of its employees, customers, and shareholders.</p>
<p>&#8220;If you start to get too distant or too far away from the primary mandate, the market has proven itself to really, really punish you,&#8221; O&#8217;Leary said. &#8220;And it&#8217;s woken up all kinds of boards.&#8221;</p>
<p>As was the case with Target and Bud Light, which faced a boycott over its partnership with self-identified transgender social media influencer <a href="https://www.dailywire.com/topic/dylan-mulvaney" target="_blank" rel="noopener">Dylan Mulvaney</a>, companies are struggling to stay tuned into the mood of their customers, which can turn sour in a matter of hours, O&#8217;Leary contended.</p>
<p>&#8220;When you can&#8217;t control the message anymore through social media, which is clearly obvious, you better figure out what message you&#8217;re putting out before it ever gets out there,&#8221; O&#8217;Leary said.</p>
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<p>O&#8217;Leary pointed to social media in particular as an area of focus, suggesting companies need to add a committee to advise boards on viral trends. He also predicted that diversity officers will remain a fixture.</p>
<p>&#8220;I don&#8217;t think you&#8217;re going to find a lot of people saying, &#8216;Oh, let&#8217;s not have diversity officers.&#8217; I think that boat sailed. But what they do with their budgets now really matter, and the risks they&#8217;re putting the company into because of the power of uncontrolled social media is obviously measurable,&#8221; O&#8217;Leary said. &#8220;When you lose $11 billion of market cap, there&#8217;re a lot of unhappy cowboys out there. They&#8217;re called your investors.&#8221;</p>

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‘Shark Tank’ Star: Target’s Collapse Amid ‘Pride’ Controversy Is Wake-Up Call For Corporate America

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‘Shark Tank’ Star: Target’s Collapse Amid ‘Pride’ Controversy Is Wake-Up Call For Corporate America