O’Leary Ventures Chairman Kevin O’Leary joins “The Big Money Show” to share his thoughts on Walmart’s decision to roll back its DEI initiatives and President-elect Donald Trump’s pledge to increase tariffs on Mexico, China and Canada.
Big companies in the US are retreating diversity, equity and inclusion (DEI), with Walmart among the latest to join the chorus amid mounting pressure from conservatives.
Many proponents of DEI argue that these efforts correct historical injustices and systemic inequities. But conservatives say it’s instead divisive, with DEI initiatives under attack from conservatives and state legislatures across the U.S.
One of the most prominent figures at the forefront of the companies’ explosion of DEI is Robbie Starbuck, who frequently posts changes made by companies to DEI on his X and Instagram accounts.
State legislators and governors have passed ordinances to limit DEI on college campuses and in the public sector.
Harley Davidson is among the iconic companies reversing DEI’s efforts. (iStock)
For example, Republican Utah Governor Spencer Cox signed a bill earlier this year banning diversity training, hiring and inclusion programs at universities and in state government, adding to a growing list of states that ban such programs.
Regarding higher education, a committee of the board of governors of the University of North Carolina at North Carolina voted to eliminate DEI requirements and roles as part of a growing backlash against DEI ideology in schools across the country.
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The phenomenon has also spread to the private sector, where major companies have followed suit since the US ban college admissions action in July 2023.
Several companies faced off and lost lawsuits over their DEI policies.
Walmart
Walmart, America’s largest employer with more than 1.6 million employees and a market capitalization of $800 billion, announced Monday that it was withdrawing from the DEI effort.
“We’ve been on a journey and we know we’re not perfect, but every decision comes from a desire to foster a sense of belonging, to open up opportunities for all of our partners, customers and suppliers, and to be Walmart for everyone,” the company said in a statement.
Walmart, America’s largest employer with more than 1.6 million employees and a market capitalization of $800 billion, announced that it was withdrawing from the DEI effort. (Walmart)
Let’s go forwardWalmart will no longer participate in the Human Rights Campaign’s (HRC) Corporate Equality Index, which measures LGBTQ+ inclusion in the workplace, sell LGBTQ-related products on its website, conduct racial equity training through the Racial Equity Institute, and expand partnerships with the Center for Racial Justice, a program that was launched in 2020 as a dedicated five-year initiative.
Additionally, the company will stop using “Latinx,” a gender-neutral term to refer to Latinos.
Molson Coors
FOX Business received an email from Coors citing company executives as saying that the HR team began making plans in March to expand its view of the DEI policy so that all “employees know they are welcome.” Apart from the content of the letter, the company did not comment.
“We will ensure that our executive incentives are tied to business performance and do not include desired representation goals beginning next year,” company executives wrote in a memo obtained by FOX Business.
Molson Coors also stopped participating in the HRC Corporate Equality Index.
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Ford Motor Company
Michigan-born Ford Motor Company announced in August that it was ending the DEI effort. According to the memo Starbuck’s leak, a Fortune 500 company, also dropped from HRC’s Corporate Equality Index and “Best Places to Work” lists. The company added that they do not “use hiring quotas or tie compensation to meeting specific diversity goals.”
Michigan-born Ford Motor Company announced in August that it was ending the DEI effort. Photographer: Jeff Kowalski/Bloomberg via Getty Images (Jeff Kowalski/Getty Images)
Ford CEO Jim Farley wrote an email to employees saying “we will continue to devote our efforts and resources to caring for our customers, our team and our communities, rather than publicly commenting on the many polar issues of the day.”
He added: “Of course there will be times when we speak out on major issues where we feel our voice can make a positive difference.”
Harley-Davidson
Motorcycle company made an announcement in August to drop DEI shortly before Ford made the move.
The 120-year-old motorcycle company posted a message on its X account about the decision.
“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 announced.
The company said it would “review all sponsorships and organizations we are associated with.”
“We are saddened by the negativity on social media over the past few weeks designed to divide the Harley-Davidson community.”
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The company added that “we have not operated a DEI feature since April 2024, and we do not have a DEI feature today. We do not have hiring quotas and we no longer have supplier diversity spending targets.”
Law
The home goods retailer cut its DEI in the same month as other companies. Following Ford Motor and Walmart, Lowe’s has stopped participating in the company’s human rights surveys.
In addition, Lowe’s has reportedly stopped sponsoring and participating in events, including pride parades and other festivals, that are outside of its business imperatives.
Starbuck took it credit for Lowe’s changes, saying on X that they were made after he put pressure on the company by threatening to “expose” their “woke policy.”
Other companies that rolled back DEI were John Deere, Tractor Supply, Caterpillar and John Forman.
FOX Business’ Breck Dumas contributed to this report.
