Florida in Shock as Disney Considers Pulling Back Billions in Investments

Toni Koraza

Photo byPhoto 17655529 © Jiawangkun

Disney CEO Bob Iger is considering pulling back his investments in Florida amid a conflict with Florida Governor Ron DeSantis, who has launched a war on the company.

Iger says he's "closely evaluating where it makes sense to direct future investments" in Disney's theme park industry.

Can you blame Disney for thinking about pulling back billions in investment from Florida?

Florida GOP is not only creating laws that directly target only one corporation but also publically threaten to increase tolls and taxes and destroy Disney if they refuse to bow down to the Florida Governor.

Florida GOP is legally on shaky grounds, but nobody knows would that be enough to save one of the largest employers in Floria from leaving the state.

Billions in Investment at Risk

The dispute between Disney and DeSantis intensified when the corporation filed a lawsuit against the state in April, claiming that the Republican governor's hand-picked oversight board had illegally revoked a deal that purportedly transferred some authority from the now-dissolved special district of the firm back to Disney. It emphasized that bringing legal action was a last-ditch effort to prevent the state from acting against it for objecting to the "Don't Say Gay" law, which forbids teaching about gender and sexuality to students through the third grade.

Florida responded with its own lawsuit in what has turned into a court war for control of the district that regulates construction surrounding the company's theme parks. DeSantis purportedly accused Disney of assembling several "backroom deals" to maintain its tax benefits and competitive advantage over other businesses in the state.

Florida's Largest Taxayer

Iger tried to clear the air during the results call. He asserted that Reedy Creek and other special districts in Florida are designed to promote investment and create jobs.

Iger said Disney pays more in real estate taxes as a result of the special district and employs tens of thousands of people on good wages, making the company the state's largest taxpayer with over $1.1 billion in taxes paid to Florida last year.

Over the next ten years, Disney aims to invest more than $17 billion in its theme park in Florida.

What do you think about DeSanti's war on Disney?

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