Market Muscle Wanes: Planet Fitness Shares Tumble Amid Transgender Turmoil

A recent controversy has stirred up debate surrounding Planet Fitness, with tensions escalating over a viral video capturing a dispute at one of its fitness studios. The video, which gained widespread attention, depicted a transgender woman using the women’s locker room at a Fairbanks location, sparking accusations of gender exclusivity within the facility.

The initial image showed the transgender woman shaving in the locker room, triggering a backlash from some patrons. Subsequently, the individual who took the photo faced repercussions, with her membership being revoked by the local Planet Fitness branch. In response, the company reiterated its policy allowing individuals to use facilities corresponding to their gender identity, while cautioning against bad faith actions that could lead to membership termination.

Despite these clarifications, additional photos of the transgender woman surfaced, further fueling the controversy and prompting calls for a nationwide boycott of Planet Fitness by some conservative groups.

The fallout from the controversy has taken a toll on Planet Fitness’s financial standing, with its stock price plunging from $66 to approximately $56 in just a dozen days. The company’s market capitalization has also suffered a significant decline, dropping by around $400 million within a five-day span, from $5.3 billion to approximately $4.9 billion.