South Carolina State Treasurer's office removed The Walt Disney Co. from its approved investment list after the company last month paused its advertising on X, formerly Twitter, Treasurer Curtis M. Loftis Jr. announced Dec. 5.
The state treasurer's office manages approximately $41 billion in U.S. fixed-income securities, which currently includes $105 million of Disney debt instruments.
Most of those instruments mature in 24 months and will not be replaced, Karen Ingram, the treasurer's communications director, said in an email. The Disney debt the treasurer's office currently holds is largely within the $11.9 billion state general fund and $11.8 billion state investment pool, Ingram noted.
"Disney has abandoned its fiduciary responsibilities to its investors and customers by joining far-left activists in boycotting legal, taxpaying, employment-creating corporations to further Disney's political agenda," Loftis said.
Last month, Disney and a number of other major companies, including Apple and IBM, announced they would pause advertising on X after owner Elon Musk endorsed an antisemitic post on the platform.
Loftis stated that "multibillion-dollar corporations should not engage in boycotts designed to silence legitimate debate. Since America's founding, freedom of speech has been one of its core principles, and Disney should not engage in nefarious practices aimed at silencing those with less power and money."
A Disney spokesperson could not immediately be reached for comment.
When asked if Loftus may remove more companies from the list that have also halted advertising on X, Ingram said: "The treasurer makes decisions that are appropriate with his responsibilities to the people of South Carolina. He does not share those decisions until he has completed his research and resolved the issues to his satisfaction."