Planet Fitness stock price plummets over transgender controversy
Planet Fitness Faces Backlash Over Transgender Policy
Planet Fitness is embroiled in controversy after a viral video sparked debate over transgender rights. A woman in Alaska criticized the gym for allowing a transgender woman in the women’s locker room. The incident led to her membership being revoked while the transgender individual remained unaffected. Planet Fitness defended its policy, stating transgender individuals can use facilities aligning with their gender identity, cautioning against misuse.
Despite their stance, conservative voices called for nationwide membership cancellations, impacting the company’s stock. Shares plummeted from $66 to $56 in 12 days, slashing its market value by $400 million to $4.9 billion in five days. The incident underscores ongoing tensions surrounding LGBTQ+ rights and highlights the financial implications for businesses embroiled in such controversies.
