Planet Fitness stock price plummets over transgender controversy

Planet Fitness finds itself embroiled in controversy after a viral video captured a member’s outrage over a transgender woman using the women’s locker room at the Fairbanks location in Alaska.

In response to the backlash, Planet Fitness took action by revoking the membership of the member who took the photo, while affirming its policy of allowing individuals to use facilities corresponding to their gender identity. The gym emphasized that bad faith actions could lead to membership cancellation.

However, subsequent photos of the trans woman using the locker room have surfaced, fueling further criticism, particularly from conservative circles, who have called for nationwide boycotts of Planet Fitness memberships.

The fallout from the controversy has had significant financial implications for Planet Fitness. The company’s stock price has plummeted from $66 to approximately $56 over just 12 days, resulting in a staggering $400 million decrease in market capitalization, dropping from $5.3 billion to around $4.9 billion in five days.

As the debate rages on, Planet Fitness faces both reputational and financial challenges, highlighting the complex intersection of social issues and business operations in today’s society.

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