Ron DeSantis signs bill to strip Disney of special tax status sending stock price tumbling

Florida GOP Gov. Ron DeSantis on Friday signed a bill to strip Walt Disney World of its special tax and administrative status after the company opposed a parental rights bill the state passed in late March.

The Reedy Creek Improvement District, a special administrative unit under Disney control will cease to exist under the measure, according to CBS News.

After Florida passed a parental rights bill, derided by critics as a "Don't Say Gay" measure, the company organized opposition to the law and vowed to see it repealed. The company's stance earned sharp rebuke from Florida Republicans, who quickly moved to revoke the company's tax privileges.

In late March, DeSantis signed into law the Parental Rights in Education bill which limited discussion of sexual topics in the classroom by grade levels and restricted inappropriate material.

Disney stock fell 2.79% on Friday, according to Google Finance. Company stock has fallen 31.25% in the past 6 months and trades for $118.27 per share as of press time.