Ben & Jerry’s boycott results in $2 billion loss in shares so far
Jenny Goldsberry
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The fallout of Ben & Jerry’s Fourth of July tweet became evident as soon as the close of the stock market on Thursday, which reflected a loss of almost $1 per share.
Unilever, Ben & Jerry’s parent company, had its shares listed at $52.28 at the end of the day on Monday, before the tweet called for the return of U.S. land to Native Americans. By Thursday, when about 30 million Twitter users had read the ice cream company’s claim that “the US was founded on stolen Indigenous land” and opted to boycott the brand, its share price had fallen to $51.31.
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As a result of the share price decreasing, the market capitalization dropped to $128.5 billion from Monday’s $130.2 billion. Altogether, shares have dropped by about 1.3% since Wednesday.
Thousands of users took to using the hashtag #BoycottBenAndJerrys. Fox News host Sean Hannity tweeted a call to “make Ben & Jerry’s Bud Light again” in reference to the boycott of the beer company as a result of its brief partnership with transgender influencer Dylan Mulvaney, which also resulted in losses for the business.
https://twitter.com/seanhannity/status/1676997745469423624
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The ice cream company called for Mount Rushmore and the Black Hills to be returned to the Lakota tribe. It is unclear how many have signed the petition in agreement.
Rep. Dusty Johnson (R-SD) reintroduced the Mount Rushmore Protection Act earlier this year. It aims to protect Mount Rushmore from those seeking to destroy it for being “disrespectful” to Native Americans.