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“Go Woke, Go Broke” Starting to Choke: Companies That Kept DEI Under Trump 2.0 Fared Just as Well
Дата публикации: 14-08-2026 16:48:10


A new report is proving once again that the tired conservative phrase “go woke go broke” has no truth behind it. Companies that kept their DEI policies in place, even after President Donald Trump put out an executive order in 2025 threatening companies that supported it, have since performed just as well as those who caved to political pressure and abandoned the principles, per a new report in The Guardian. Some of the largest companies mentioned by the report that stuck with DEI initiatives include Costco, Apple, and Delta Air Lines. The report cites new research published by Jacob Grumbach, an associate professor at the University of California, who analyzed corporate stock returns following the January 2025 executive order, which specifically held that DEI policies would be perceived as violations of federal civil rights law. Some of the most prominent companies to cave to right-wing anti-DEI pressures in the early days of the second Trump administration include Amazon, McDonald’s, Walmart, and Boeing.In practice, abandoning DEI often means giving up initiatives that explicitly seek LGBTQ+ candidates and candidates of color to hire for open positions. DEI policies often address issues of access to the application process for open positions and do not, contrary to popular belief, give candidates from marginalized backgrounds any advantage in the hiring process.In the 2020s, however, “DEI” has become a misnomer for any sort of corporate acknowledgment of marginalized people. One of the most high-profile instances of conservative backlash against companies embracing the mere existence of LGBTQ+ people included Bud Light’s brief featuring of trans content creator and actress Dylan Mulvaney, which resulted in a widespread right-wing boycott of the beer brand that cost its parent company billions in market cap. (Trump is seemingly still stuck in 2023, as he even attempted to tell some unfunny jokes about the Mulvaney fiasco at the recent White House Correspondents Dinner. No one laughed, proving that there is no affirmative action for humor.)In the years since the Bud Light fiasco, many conservatives have adopted “go woke, go broke” as a sort of rallying call, claiming that this unique collision of circumstances was evidence of a widespread trend despite there being no evidence to support that claim.And indeed, the “go woke, go broke” mentality has taken some heavy hits in the interim. Several Hollywood films that have ended up on the wrong side of right-wing scrutiny for their seeming embrace of “wokeness” have outperformed at the box office. Christopher Nolan’s latest hit movie The Odyssey was the subject of intense backlash simply for casting Lupita Nyong’o and Elliott Page in prominent roles, given that conservatives apparently believe Black people and LGBTQ+ people did not exist in fictional ancient mythology. As of this writing, the film has grossed over $1.1 billion globally, per Box Office Mojo. Similarly, conservative pundits predicted Barbie would bomb for its diverse casting — a prediction that blew up faster than you could say Barbenheimer. While the DEI discourse is likely not going away any time soon, Grumbach contended that “no matter how we measure DEI in companies, we find the same answer,” which is that retaining DEI policies does not affect a company’s bottom line.“What happens when you don’t comply with that executive branch pressure in a moment of great fear in these civil society organizations?” Grumbach said. “This shows that large U.S. corporations really do have leeway and the ability to sort of do noncompliance to executive branch pressure and end up fine.”Get the best of what’s queer. Sign up for Them’s newsletters.

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A new report is proving once again that the tired conservative phrase “go woke go broke” has no truth behind it.

Companies that kept their DEI policies in place, even after President Donald Trump put out an executive order in 2025 threatening companies that supported it, have since performed just as well as those who caved to political pressure and abandoned the principles, per a new report in The Guardian.

Some of the largest companies mentioned by the report that stuck with DEI initiatives include Costco, Apple, and Delta Air Lines. The report cites new research published by Jacob Grumbach, an associate professor at the University of California, who analyzed corporate stock returns following the January 2025 executive order, which specifically held that DEI policies would be perceived as violations of federal civil rights law.

Some of the most prominent companies to cave to right-wing anti-DEI pressures in the early days of the second Trump administration include Amazon, McDonald’s, Walmart, and Boeing.

In practice, abandoning DEI often means giving up initiatives that explicitly seek LGBTQ+ candidates and candidates of color to hire for open positions. DEI policies often address issues of access to the application process for open positions and do not, contrary to popular belief, give candidates from marginalized backgrounds any advantage in the hiring process.

In the 2020s, however, “DEI” has become a misnomer for any sort of corporate acknowledgment of marginalized people. One of the most high-profile instances of conservative backlash against companies embracing the mere existence of LGBTQ+ people included Bud Light’s brief featuring of trans content creator and actress Dylan Mulvaney, which resulted in a widespread right-wing boycott of the beer brand that cost its parent company billions in market cap.

(Trump is seemingly still stuck in 2023, as he even attempted to tell some unfunny jokes about the Mulvaney fiasco at the recent White House Correspondents Dinner. No one laughed, proving that there is no affirmative action for humor.)

In the years since the Bud Light fiasco, many conservatives have adopted “go woke, go broke” as a sort of rallying call, claiming that this unique collision of circumstances was evidence of a widespread trend despite there being no evidence to support that claim.

And indeed, the “go woke, go broke” mentality has taken some heavy hits in the interim. Several Hollywood films that have ended up on the wrong side of right-wing scrutiny for their seeming embrace of “wokeness” have outperformed at the box office. Christopher Nolan’s latest hit movie The Odyssey was the subject of intense backlash simply for casting Lupita Nyong’o and Elliott Page in prominent roles, given that conservatives apparently believe Black people and LGBTQ+ people did not exist in fictional ancient mythology. As of this writing, the film has grossed over $1.1 billion globally, per Box Office Mojo.

Similarly, conservative pundits predicted Barbie would bomb for its diverse casting — a prediction that blew up faster than you could say Barbenheimer.

While the DEI discourse is likely not going away any time soon, Grumbach contended that “no matter how we measure DEI in companies, we find the same answer,” which is that retaining DEI policies does not affect a company’s bottom line.

“What happens when you don’t comply with that executive branch pressure in a moment of great fear in these civil society organizations?” Grumbach said. “This shows that large U.S. corporations really do have leeway and the ability to sort of do noncompliance to executive branch pressure and end up fine.”

Get the best of what’s queer. Sign up for Them’s newsletters.

Mathew Rodriguez

Mathew Rodriguez. Mathew Rodriguez is the former senior news editor at Them. In the past, he has been a senior cult... Read more

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