Planet Fitness’s valuation has plummeted $400 million in five days after the company banned a member who shared a photo of a trans woman (i.e., a man) using a female locker room. The Mail has the story.
The company’s value dropped from $5.3 billion on March 14th to $4.9 billion on March 19th, and its shares are down by 13.59% compared to a month ago.
The decline follows Planet Fitness’s refusal to walk back its decision to ban a member who exposed a “trans woman” shaving in a female locker room earlier this month.
Patricia Silva was barred from the gym in Alaska after she detailed an incident online – where she said she saw a transgender woman in her locker room.
Following backlash against the ban, the company said although some members may feel uncomfortable sharing facilities, “this discomfort is not a reason to deny access to the transgender member”.
The company’s stock fell by 7.8% on Tuesday, going from its opening price of $59.44 to a five-month low of $54.80, it then rebounded slightly.
Silva posted a video describing her experience at the gym on Facebook in early March.
She said she had just finished working out at Planet Fitness’s Fairbanks location, when she saw the person, whom she called “a man with a penis”, carrying out his routine in front of a 12-year-old girl.
Silva, who has previously run for Fairbanks Borough Assembly, told the “trans woman” he should really be using the male locker room. The trans woman replied that he was “LGB”.
Silva then took a picture of the person and shared it online and recounted her experience in a Facebook video: “I just came out of Planet Fitness. There is a man shaving in the women’s bathroom. I love him in Christ. He is a spiritual being having a human experience. He doesn’t like his gender so he wants to be a woman, but I’m not comfortable with him shaving in my bathroom. I just thought I’d say it out loud.”
Are investors starting to become alert to the financial risks of wokery and keeping their money away from companies who may be targeted with boycotts? It seems so.
Worth reading in full.
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