South Carolina treasurer vows to no longer invest in Disney due to ‘far-left activism’

South Carolina State Treasurer Curtis Loftis has removed Disney from the state’s investment portfolio, a move following a year-long battle in Florida between Gov. Ron DeSantis and the corporation.

“Disney has abandoned its fiduciary responsibilities to its investors and customers by joining far-left activist in boycotting legal, taxpaying, employment-creating corporations to further Disney’s political agenda,” Loftis told his staff according to a press release Tuesday.

The press release said the state’s investment portfolio contains $105 million dollars of Disney debt instruments that will not be replaced. The press release went on to state that Loftis, who is serving in his fourth term as state treasurer, will focus on the equity profile in the coming weeks.

“Multi-billion-dollar corporations should not engage in boycotts designed to silence legitimate debate,” Loftis said in the release. “Since America’s founding, freedom of speech has been one of its core principals, and Disney should not engage in nefarious practices aimed at silencing those with less power and money.”

Disney has been at the center of a conservative culture war following Florida’s passage of the so-called “Don’t Say Gay” law, which prohibits classroom discussion of sexual orientation and gender. Disney’s former chief executive Bob Chapek took a stand against the law, releasing multiple critical statements, which said the law should “never have passed, and should never have been signed into law.”

Since, DeSantis has referred to Disney as “woke” and tried to abolish the corporation’s special tax status but wasn’t able to. Instead, the company’s tax oversight board for Reedy Creek is now controlled by DeSantis.