Coca-Cola is suffering a massive backlash.
Headquartered in Atlanta, Georgia, the Coca-Cola Company weighed in on recent legislation that some say will limit voter rights in Georgia. As a result, some on social media report there is a massive backlash against Coca-Cola as a result.
Misbar discovered a bill recently signed into law in Georgia enacts new restrictions on mail-in and weekend voting while expanding some voters' access to in-person early voting according to NPR.org. Some in the state allege that certain parts of the law are discriminatory and unconstitutional, and argue that many of the changes disproportionately harm Black voters. Several Georgia corporations have weighed in against the legislation, including the Coca-Cola Company. According to CNN Business, Coca-Cola CEO James Quincey said: "We all have a duty to protect everyone's right to vote, and we will continue to stand up for what is right in Georgia and across the US."
As a result of Coca-Cola’s reaction to the legislation, some are saying that the company now faces a massive backlash. However, since the company has come out against the legislation, it does not appear that they have suffered more than the expected fluctuations. On March 1, 2021, their stock price was $49.90 and on April 1, 2021, their stock was priced at $52.96. Their 52 week high price was $54.93 and their 52 week low price was $41.80.
According to Business Insider, Delta Airlines and Home Depot have also issued statements against the voting legislation. When the companies first remained silent about the legislation, there was a call for boycotting them from the other side.
However, since the call for boycotting from both sides, Delta has also not seen the immediate impact.
While it is still early in the fiscal year, it does not appear that companies who weighed in on Georgia’s voter legislation like Coca-Cola are seeing massive backlash as some are proposing on social media.