South Carolina announces state is divesting from Disney over Twitter spat | News

South Carolina’s state funds will no longer be tied to Disney as Republicans blast the company for pulling ads from X, the platform formerly known as Twitter.South Carolina state Treasurer Curtis Loftis announced on Tuesday that Walt Disney Company is being removed from the Palmetto State’s approved investment list. In a letter, he argued that Disney has abandoned its fiduciary duty to investors by “boycotting” X.HOME ECONOMICS: THE HUMAN COST OF THE AFFORDABILITY CRISISLoftis’s office portfolio has about $105 million of Disney debt instruments that will mature as scheduled and will not be replaced, according to the treasurer. Loftis said he will focus on the equity portfolio in the coming weeks.”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,” he said in a Tuesday statement.Loftis also bashed the company over CEO Bob Iger’s pulling of advertising on X. The platform’s owner, Elon Musk, has been embroiled in a firestorm over X and raised eyebrows when he rebuked those pulling ads from it.”Don’t advertise,” Musk said while speaking at the 2023 DealBook Summit. “If somebody’s gonna try to blackmail me with advertising? Blackmail me
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