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Tyson Foods Inc (NYSE:TSN) and Planet Fitness (NYSE:PLNT) are both facing calls for boycotts due to viral news stories. Could these companies be facing backlash similar to Bud Light?
Tyson Foods Boycott: A Tyson Foods report claiming the Springdale, Arkansas-based company was closing its Iowa pork facility and choosing to hire migrant workers recently went viral.
It has since been retracted.
"In recent days, there has been a lot of misinformation in the media about our company, and we feel compelled to set the record straight. Tyson Foods is strongly opposed to illegal immigration, and we led the way in participating in two major government programs to help employers combat unlawful employment, E-Verify and the Mutual Agreement between Government and Employees program," Tyson Foods told Newsweek in a statement.
The company said it has "strong hiring practices" and its U.S. workers are all legally authorized to work in the country.
Newsweek shared that the Tent Partnership for Refugees website lists Tyson Foods as a partner with a commitment to hiring 2,500 refugees.
An account on X going by the handle EndWokeness shared the misinformation with 2.4 million followers, with the hashtag “#BoycottTyson.”
Tyson employs around 42,000 immigrants and has plans to hire more, according to a report from the Daily Mail.
Related Link: Tyson Foods Shares Soar On Q1 Earnings
Planet Fitness Boycott Trends: Another Newsweek report detailed how a Planet Fitness customer in Alaska had her membership canceled after she reported a “man in the women’s locker room shaving” while a 12-year-old girl was present.
The gym member also took pictures of the individual, which violates the company’s mobile device policy.
Planet Fitness, a gym franchise with the slogan "judgement-free zone,” has a non-discrimination policy regarding its locker rooms.
"Members and team members will be treated according to their self-reported gender identity," the chain's website says.
The latest Planet Fitness news has also prompted a 2023 indecent exposure incident involving a bathroom to resurface, which is the subject of a pending lawsuit against the fitness chain.
"Boycott Planet Fitness" was trending over the weekend, with several prominent accounts sharing details of the Alaska incident as well as the 2023 incident.
Billionaire Elon Musk, who is the most followed account and owner of X, responded: "Doesn't sound safe for women" to one post on Planet Fitness.
But Planet Fitness is reportedly standing behind its decision to cancel the woman’s membership, stating, "discomfort is not a reason to deny access to the transgender member."
Why It's Important: Whether the calls for boycotts on social media against Tyson Foods and Planet Fitness affect each company’s respective revenue streams remains to be seen.
Recall how Anheuser-Busch InBev (NYSE:BUD) lost market share and revenue for its Bud Light brand due to conservative outrage over the beverage company’s ads featuring trans TikTok influencer Dylan Mulvaney.
Irate X users were quick to call for Planet Fitness to get "the Bud Light treatment."
Future earnings reports and earnings calls could be closely monitored by investors to see if this was a one-off event that went away or has a lingering impact.
TSN, PLNT Price Action: Tyson shares are down 1% to 55.71 on Monday versus a 52-week trading range of $44.94 to $63.28.
Planet Fitness shares are down 1% to $59.89 on Monday versus a 52-week trading range of $44.13 to $84.48.
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Image: Shutterstock
