Planet Fitness value plummets $400M after transgender turmoil
Planet Fitness value plummets $400M after transgender turmoil
Planet Fitness has seen a nearly 8-percent drop in valuation after revoking a woman's membership for taking photos of a biological male in the women's locker room.
Planet Fitness critics are saying "go woke, go broke," calling on the top fitness chain to receive the "Bud Light" treatment after an uproar over its transgender locker room policy created a social media stir.
The chain saw a $400 million dive in valuation from $5.3 billion to $4.9 billion just days after revoking an Alaska woman's membership for snapping photos of a transgender woman, who was biologically male, shaving in the women's locker room, according to a Daily Mail report.
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Silva claimed a 12-year-old girl who was in the locker room was also uncomfortable with the biological male's presence.
Planet Fitness confirmed Silva's membership was canceled after taking photos and/or videos in the locker room –—a policy violation.
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Took the stock 3 days to recover from that dip and it's now higher than it was before this story broke. Correlation is not causation.
OK, so it was just a random drop that had nothing to do with the leak?
Because that never happens? Stocks never move irrationally? Not ever? Certainly not all the time, right? Certainly not almost exclusively. Nah. Gotta be the people I started hating a couple years ago because the lunatic fringe's propaganda outlets told me to. That makes a lot more sense. I am very smart.
Yes, definitely, stocks tend to have reasons for rising/falling - I remember years ago in an econ class I had to track a stock. I picked "Chemed Corp" because their ticker was 'CHE' and I liked Che Guevara & Communism... And my econ teacher laughed about it because the stock barely moved, while others who picked things like Sony were constantly updating their stocks and I was virtually drawing a straight line... But, once that semester, there was a significant movement - something with one of the product lines, and... that was that.
Point being... I seem to understand that even some stocks listed on the NYSE barely move.
So, it seems very likely Planet Fitness lost 1/13th of their value (nearly a tenth) in a single day over the trans bathroom thing. It recovered - perhaps because others saw the dip in price as a great opportunity or because of even counter-activism, like how some people will eat at Chic-Fil-A more when they hear that they are not budging on some LGBTQ issue (but the opposite).