On April 7, Chris Jacobs of New York joined 16 of his Republican colleagues in declaring that the Walt Disney Company is deliberately influencing small children with its political and sexual agenda while simultaneously capitulating to Chinese Communists who are actively engaged in human rights abuses.
Legislators threatened to not support extending Disney copyrights related to Mickey Mouse.
Jacobs did not say that he personally invests in Disney stock.
The congressman sold between $1,000 and $15,000 worth of Disney stock on April 11. Jacobs described the transaction as a partial sale, indicating that he still owns some of his Disney investment, which federal financial disclosures show were worth between $15,000 and $50,000 as of December 31, 2020.
It's difficult to know if Jacobs earned a profit from his Disney stock sale and how much stock he has left, because Congress only requires members to report the value of their stock assets in broad ranges. Disney stock peaked in price in April 2021, closing above $185 per share, but its value has since fallen, with shares trading below $105 in recent days.
The congressman does not have control over his Disney stock, according to the office of Jacobs.
The shares are not held personally by Congressman Jacobs. They are owned by a trust that Congressman Jacobs is the beneficiary of. Christian Chase, a spokesman for Congressman Jacobs, said in a statement to Insider that he did not have the authority to execute trades or request them.
Jacobs stated in his federal filing that his Disney stock is held within an investment called LDJ Fam Inv.
Federal lawmakers take wildly different approaches to their own investment portfolios.
Lawmakers make stock trades on their own. Others pay financial advisors or money managers to do their work. Some people use family trusts or limited liability companies to protect their wealth. Lawmakers usually don't give public details about these arrangements, such as how much control they have over them. Some people don't trade stocks at all.
Congressional guidance recommends that federal lawmakers use a qualified blind trust to ensure they have taken the most comprehensive approach to avoiding potential conflicts of interest. Jacobs isn't among them.
This comes at a time when Congress is considering banning lawmakers from trading individual stocks at all, with proponents of a ban citing rampant violations of the anti-corruption Stop Trading on Congressional Knowledge Act of 2012 and widespread conflicts of interest.
The congressman's office did not respond to a question about whether the congressman supports or against a ban on trading individual stocks.
Even if Members of Congress aren't fully aware of their own stock portfolios, just the perception that they're taking actions to line their own pockets can be really damaging.
Jacobs, who represents western New York's 27th Congressional District but intends to run in the state's newly drawn 23rd Congressional District, isn't the only member of Congress to lambaste Disney while owning the company's stock.
At the same time she reported owning up to $45,000 in Disney shares, Marjorie Taylor Greene, a Republican from Georgia, called Disney a "pro-child predator".
The lawmakers who signed the letter to Disney CEO Bob Chapek were not among them. Her criticisms are similar to Jacobs.
Disney has capitulated to far- left activists through hypocritical, woke corporate actions, according to the letter.
Opponents call it the "Don't Say Gay" law.
Disney has continued to work with a Communist Chinese regime that does not respect human rights and US intellectual property, so I will not support further extensions to your copyrights.
It is unfortunate that Disney, once an American success story, has allied with a hostile foreign regime and domestic ideologues who want to tear our country apart.
In a memo to Disney staff earlier this month, Chapek didn't apologize for his company's actions.
I want to be clear: I and the entire leadership team are behind our employees, their families, and their communities. We are committed to creating a more inclusive company and world.
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