Kevin O’Leary, chairman of O’Leary Ventures, appears on “The Big Money Show” and shares his thoughts on Walmart’s decision to scale back its DEI efforts and President-elect Donald Trump’s pledge to increase tariffs on Mexico, China and Canada. said.
Major U.S. companies are retreating from diversity, equity, and inclusion (DEI) initiatives, and Walmart is one of the latest companies to join the effort amid mounting pressure from conservatives.
Many DEI proponents argue that the initiative corrects historical injustices and systemic inequities. But conservatives say it’s more divisive, and DEI efforts have come under attack from conservatives and state legislatures across the country.
One of the most prominent figures at the forefront of criticizing companies when it comes to DEI is Robbie Starbuck. He frequently posts changes companies have made regarding DEI on his X and Instagram accounts.
State legislatures and governors have passed resolutions restricting DEI on college campuses and in the public sector.
Harley-Davidson is one of the most emblematic companies setting back DEI efforts. (St. Petersburg)
For example, Republican Utah Gov. Spencer Cox signed a bill earlier this year banning diversity training, hiring, and inclusion programs in universities and state government, joining a growing list of states banning such programs.
On the higher education front, the University of North Carolina Board of Regents in North Carolina voted to eliminate DEI requirements and roles as part of a growing backlash against DEI ideology in schools across the country.
Walmart CEO on cuts to DEI program: ‘We will continue to make the best decisions’
The phenomenon has spread to the private sector, with major corporations following suit after the United States banned affirmative action in university admissions in July 2023.
Several companies have faced and lost lawsuits over their DEI policies.
walmart
Walmart, America’s top employer with more than 1.6 million employees and a market capitalization of $800 billion, announced Monday that it is withdrawing from DEI initiatives.
“We’re on a journey and we know we’re not perfect, but every decision we make fosters a sense of belonging and opens doors of opportunity for all employees, customers and suppliers, and we strive to help Walmart “It comes from the idea that we want to be the best for everyone,” the company’s statement about the move reads.
Walmart, America’s top employer with more than 1.6 million employees and a market capitalization of $800 billion, has announced that it will withdraw from DEI initiatives. (Walmart)
Going forward, Walmart will participate in the Human Rights Campaign’s (HRC) Corporate Equality Index, which measures LGBTQ+ workplace inclusion, sell LGBTQ-related products on its website, and provide racial equity training through its Racial Equality Institute. implementation and partnership expansion. This program was established in 2020 as a special five-year initiative.
The company will also stop using the gender-neutral term “Latinx” to refer to people of Latin descent.
Molson Coors
FOX Business obtained a letter from Coors in which the company’s human resources team began making plans in March to broaden the scope of its DEI policy and “make sure all employees know they are welcome,” a company executive said. I was told that he said that. The company did not comment beyond the contents of the letter.
“Our executive team’s incentives are tied to performance and do not include ambitious language targets starting next year,” company executives said in a memo obtained by FOX Business.
Molson Coors also ended its participation in the HRC Corporate Equality Index.
Caterpillar changes course with yet another company’s DEI rollback
ford motor company
Michigan-born Ford Motor Co. announced in August that it was scaling back its DEI efforts. The Fortune 500 company has also withdrawn from participation in the HRC Corporate Equality Index and the Best Places to Work list, according to a leaked Starbucks memo. The company added that it “does not take advantage of hiring quotas or tie compensation to achieving specific diversity goals.”
Michigan-born Ford Motor Co. announced in August that it was scaling back its DEI efforts. Photographer: Jeff Kowalski/Bloomberg via Getty Images (Jeff Kowalski/Getty Images)
“Rather than publicly commenting on many of today’s polarizing issues, we are committed to supporting our customers, our teams, and our communities,” Ford CEO Jim Farley said in an email to employees. We will continue to put effort and resources into making this a priority.”
He added: “Of course we will speak out on core issues if we believe our voices will bring about positive change.”
harley davidson
The company announced it would eliminate DEI in August, just before Ford made the move.
The 120-year-old motorcycle company posted a statement about the decision on its X account.
“We remain committed to listening to all members of our community as we continue our journey together as one Harley-Davidson. United We Ride,” the company said in a statement.
The company said it would “review all sponsorships and organizations with which we work.”
“We are saddened by the negative comments on social media over the past few weeks that have aimed to divide the Harley-Davidson community.”
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The company added: “We have not operated a DEI function since April 2024, and we do not currently operate a DEI function. We have no hiring quotas and no longer have spending targets for supplier diversity.” he added.
lowe’s
The home improvement retail chain downsized its DEI within the same month as other companies. In the wake of the Ford Motor Co. and Walmart lawsuits, Lowe’s stopped participating in the Human Rights Campaign investigation.
Additionally, Lowe’s has reportedly discontinued its sponsorship and participation in events, including Pride parades and other festivals, which are outside the scope of its business obligations.
Starbuck took credit for Lowe’s changes, telling X that the changes were made after Lowe pressured the company and threatened to “expose” their “woke policies.”
Other companies that have rolled back their DEI include John Deere, Tractor Supply, Caterpillar, and John Forman.
FOX Business’ Breck Dumas contributed to this report.
