Exactly How Much Money Has Target Lost Since the Boycott? Its Profits Have Definitely Dropped
Did Target really lose $15.7 billion as a result of the boycotts?
Published March 5 2025, 12:01 p.m. ET
There’s a rumor going around that Target has lost $15.7 billion since the boycotts began. The protests were triggered by Target rolling back its diversity, equity, and inclusion (DEI) policies after President Donald Trump issued an executive order on Jan. 22, 2025, terminating DEI policies in the federal workforce. But the executive order has extended into the mainstream workforce, with Target being one of the first to scale back its policies.
According to Trump’s order, "In the private sector, many corporations and universities use DEI as an excuse for biased and unlawful employment practices and illegal admissions preferences," which is why he wants it gone. It’s certainly a debatable topic, but right now, people are trying to figure out if Target’s boycotts are causing the retailer to feel any financial sting. So, just how much have boycotts cost Target since they started?
How much money has Target lost since the boycott?
It’s still unclear just how much Target has lost since the boycotts began in January 2025, following the retailer’s decision to scale back its DEI policies. However, Target did confirm in its fourth-quarter and full-year 2024 earnings report that it experienced a "small decline" in February 2025 sales.
The company also anticipates facing "year-over-year profit pressure" in its first quarter (Jan. 1 through March 31) due to "ongoing consumer uncertainty" and the tariffs imposed by Trump, which took effect on March 4, 2025.
While Target hasn’t disclosed the exact amount of profit it’s lost, Snopes has debunked the rumor that the retailer lost $15.7 billion as a result of the boycotts.
Jim Joice, Target's director of issues and crisis communications, confirmed to Snopes via email that the claim was "inaccurate." Snopes has since deemed the rumor to be false based on Jim’s comment and the fact that there is no reported instance where Target’s market value dropped by $15.7 billion in connection with the company’s DEI policies.
Target has, however, seen its stock drop in recent weeks amid the ongoing boycotts, with a nearly 15 percent decrease from Feb. 5, 2025, to March 5.
While Target’s stock took a major dip in November 2024, falling to under $130 per share, it regained strength and stayed at or above that price through early February 2025. As of March 5, though, it had dropped to $115 per share, signaling a decrease in the company’s value. This decline could be tied to shifting consumer behavior and the ongoing boycotts.
More boycotts against Target are being organized.
As Target mentioned in its 2024 earnings report, it is expecting potential strain on profits, and for good reason, considering larger boycotts are being planned against the retailer. Activist group The Peoples Union USA shared its "Economic Blackout Tour" schedule via Instagram, revealing that people are planning and encouraging a boycott of Target from June 3 to June 9, 2025.
Other retailers aren’t being excluded, either. Walmart’s scheduled boycott is set for April 4 through April 14, while Amazon’s boycott will take place from March 7 to March 14 (and again from May 6 to May 12).