Since Disney voiced its opposition to a Florida law prohibiting the teaching of “gender identity and sexual orientation” in public schools for kindergarten through third grade, the company’s market cap has dropped by roughly $34 billion.

The battle between the State of Florida and Disney began on March 28, when Governor DeSantis signed HB 1557, also known as the “Don’t Say Gay” bill by its opposition. 

“Classroom instruction by school personnel or third parties on sexual orientation or gender identity may not occur in kindergarten through grade 3 or in a manner that is not age-appropriate or developmentally appropriate for students in accordance with state standards,” the bill reads.

On the same day, Disney published a statement condemning the new legislation, stating it “should never have passed and should never have been signed into law.” Disney added its mission is to get the bill repealed. 

As a result of Disney’s resistance, some parents have decided to boycott the entertainment company’s products, movies, theme parks, and shows. 

Disney’s market cap was estimated to be around $249.2 billion based on $1.82 billion in outstanding shares and a share price of $136.90 on March 28. Since, Disney’s market capitalization has dropped to $215.3 billion, a reduction of $33.9 billion, after its shares fell to $118.27 on April 22.

Also on April 22, DeSantis signed a bill enacted by the Florida legislature dissolving Walt Disney World’s status as a self-governing tax district, which could have tax ramifications for the company and the nearby districts.

“Don’t worry, we have everything thought out,” said DeSantis at a press conference in Hialeah. “Don’t let anyone tell you that somehow Disney is going to get a tax cut out of this; they’re going to pay more taxes as a result of that.”

DeSantis says he plans to “fight back” against Disney if the company tries to “attack the parents” in his state.

President Biden criticized DeSantis and Republicans on Thursday, claiming their plan to abolish the special tax district proved “the Far Right has taken over that party.”

“And it’s not even conservative in a traditional sense of conservative,” Biden added. “It’s mean. It’s ugly. It’s the way — look what’s happening down in Florida. … They’re going after Mickey Mouse.”