Disney Company Reaches New Low Amid Backlash from Theme Park News
Following months of disappointing Wall Street results, The Walt Disney Company hit a new low, with its stock price dipping below $100 for the first time in nearly half a year.
Disney’s latest stock price update comes as the company plans to reinvigorate its theme parks and upgrade its entertainment products, such as Disney+.
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The Walt Disney Company has certainly seen its fair share of struggles over the last few years, with the global COVID-19 pandemic forcing the company to shift in multiple ways. Both Disneyland and Walt Disney World theme park resorts were closed temporarily, and many theme park attractions and experiences were cut as a direct result of the pandemic.
The pandemic also indefinitely halted several new theme park projects, with Disney’s EPCOT theme park in Orlando losing a significant number of planned rides and attractions.
Disney’s entertainment division also suffered major hits, with several films missing their theatrical windows due to COVID-19 lockdowns.
Disney has also been involved in multiple legal and financial battles, most notably against Florida Gov. Ron DeSantis.
While the two parties recently came to an agreement, it’s been a tumultuous time for both DeSantis and Disney, who fundamentally disagreed about Florida’s controversial “Don’t Say Gay” bill. DeSantis threatened to punish Disney for speaking out against the bill and ultimately stripped Disney of its self-governing status in Florida.
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Disney was also attacked by Train Partners founder Nelson Peltz, who criticized CEO Bob Iger for the direction he was leading the company in and claimed Iger was not a good fit for the company. Along with several other key players, including former Disney executive Jay Rasulo, Peltz attempted to oust Bob Iger. However, when voting time came around, Peltz was unsuccessful.
All of these troubles have weighed on Iger and The Walt Disney Company for several months. 2024 looks to be a much better year for Disney. However, the company is still failing to improve its performance on Wall Street.
On June 13, 2024, Walt Disney Company stock sank to $99.78. This marked the first time Disney stock fell below the $100 mark since February, indicating Disney’s recent announcements have not wowed investors.
In Florida, Disney recently unveiled several new theme park projects, most notably EPCOT’s new CommuniCore Hall and CommuniCore Plaza expansions. These new additions were met with criticism from fans, who felt disappointed by the new theme park areas.
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These disappointing numbers also follow the grand reveal of Tiana’s Bayou Adventure in Magic Kingdom, a ride that has been one of Disney’s most controversial projects to date. The attraction acts as a replacement for Disney’s problematic log flume ride known as Splash Mountain, which had become a classic within Disney’s catalog.
Tiana’s Bayou Adventure has been met with both excitement and backlash, with many fans preferring the original Splash Mountain to the new ride.
In May of this year, Disney’s stock price sat around $105, marking a daily drop of over $10 or 9.04%. In January, it plummeted to $90.
While things are improving, it has undoubtedly been an unsteady few months for Disney.
What Disney project are you most excited about?
