Target Loses $9 Billion in Market Value Over ‘PRIDE’ Collection Controversy

Following a wave of backlash from social media users and customers in physical stores over its "PRIDE" collection, Target has seen a $9 billion drop in its market value.

Prior to the controversy, Target’s stock concluded at $160.96 per share last Wednesday, resulting in a market capitalization of $74.3 billion. However, by Thursday, shares were trading at $141.76, indicating a market value decrease to $65.3 billion, according to AP.

On Tuesday, Target announced plans to remove certain items and modify parts of the collection in response to angry confrontations experienced by staff members. These instances reportedly compromised their sense of safety and well-being at work.

Customers had been reported toppling over displays, confronting store workers aggressively, and posting concerning videos about the collection on social media. These incidents arose just days after Target CEO Brian Cornell defended the products, describing their introduction as "the right thing for society."

Although Target didn't specify which products would be removed, notable items that faced significant backlash were brought to light. Among these were a "tuck-friendly" women's swimsuit - created with additional fabric in the crotch area to accommodate trans women who haven't undergone gender-affirming surgery, as well as designs by Abprallen, a London-based company recognized for crafting occult and satanic-themed LGBTQIA+ merchandise.