Kevin O’Leary, prominent businessman and “Shark Tank” panelist, addressed the recent controversy surrounding Target’s Pride merchandise. The decision to promote this line, according to O’Leary, is a “massive error in judgment.”
O’Leary drew comparisons to the Budweiser debacle during his interview with guest host Rachel Campos-Duffy on Jesse Watters Primetime.
“When the Budweiser incident occurred, it was shocking that boardrooms didn’t react to the market cap annihilation… Budweiser, the quintessential American beer, took years to establish its brand, only for it to be obliterated within 30 hours,” O’Leary said.
Bud Light, an American brewing stalwart, has been wrestling with public outrage following its partnership with transgender activist Dylan Mulvaney, leading to a massive drop in sales since April.
Target, alongside Anheuser-Busch, experienced a total market value decrease of approximately $28 billion as of last Friday, according to FOX Business.
The entrepreneur emphasized that consumer goods and services enterprises like Bud Light and Target must maintain neutrality.
He elaborated, “Let’s consider a scenario. Have you ever heard a company CEO discuss abortion? Absolutely not. It’s an issue that remains perpetually contentious. It’s deeply personal, related to family, religion, and inherently partisan. It’s best left untouched.”
“The same holds for politics and gender identity. Everyone holds their own views. Engaging in such disputes alienates half of your customer base,” O’Leary continued.
In the previous week, an insider at Target alleged that certain stores received explicit instructions via phone call to relocate LGBTQ Pride merchandise.
“We were given 36 hours, told to take all of our ‘Pride’ stuff, the entire section, and move it into a section that’s a third the size. From the front of the store to the back of the store,” the source said.
Related: Target Already Feeling Major Financial Pain as Conservative Backlash Intensifies
“Considering the current predicament with Bud Light, the company is apprehensive about a similar situation,” the source continued.
Furthermore, it was revealed that Target Corporation is in partnership with a K-12 education organization known as GLSEN, promoting gender ideology in classrooms.
“GLSEN leads the movement in creating affirming… and anti-racist spaces for LGBTQIA+ students. We are proud of 10+ years of collaboration with GLSEN and continue to support their mission,” Target said in a statement.
So far, Target Corporation has gifted at least $2.1 million to GSLEN.
Related: Gavin Newsom Puts Target CEO on Blast For ‘Selling Out The LGBTQ+ Community’
Amidst this controversy, “Fixer Upper” celebrities Chip and Joanna Gaines, who have a home and kitchen collection at Target, faced criticism for their silence on the issue. O’Leary cautioned the couple against entering the fray, predicting a 30% dip in their sales.
He warned, “That’s the inevitable outcome. Eventually, they’d lack the profit margins necessary to remain on the shelves, leading to their dismissal. It’s wiser to remain on the sidelines.”
O’Leary pointed to social media as a disruptive force, likening it to a “massive opinion survey.”
“When a topic trends, it can occasionally be positive, but it’s predominantly negative, causing swift damage to these brands,” O’Leary concluded