Planet Fitness stock price plummets over transgender controversy
The latest buzz in debates revolves around Planet Fitness, as a video featuring a disgruntled member has gone viral, sparking controversy.
The incident began when a woman in Alaska shared a photo of a transgender woman in the women’s locker room at the Fairbank’s location, accusing the company of allowing ‘men’ into what she believed should be a space exclusively for cisgender women.
The viral picture depicted a transgender woman shaving over a sink in the locker room, prompting the woman who took the photo to express her outrage in a video.
Subsequently, Planet Fitness revoked her membership while affirming its policy of allowing individuals to use the locker room that aligns with their gender identity. However, the company emphasized that members must not act in bad faith, risking cancellation of their memberships.
Despite this, additional photos of the transgender woman using the locker room surfaced, leading conservative groups to urge others to cancel their Planet Fitness memberships nationwide.
This backlash has had significant repercussions for Planet Fitness, with its stock price and market value experiencing a notable decline. In just 12 days, the stock dropped from $66 to approximately $56, resulting in a market cap decrease of around $400 million, from $5.3 billion to about $4.9 billion in just five days!
