Planet Fitness loses $400 million in stock value after banning woman who complained about male in female locker room: Report

Planet Fitness lost $400 million in stock value in just five days on the heels of banning a woman who complained about a biological male shaving in the female locker room, the Daily Mail reported.

The company's value dropped from $5.3 billion on March 14 to $4.9 billion on Tuesday, the outlet said, and its shares were down 13.59% compared to a month ago. The Daily Mail used another set of figures to describe the setback, noting that Planet Fitness' stock fell by 7.8% on Tuesday, going from its opening price of $59.44 to a five-month low of $54.80, before rebounding slightly.

TipRanks reported that investors took nearly 4% of Planet Fitness' market cap Tuesday, and the company has lost 23.52% of its share price over the past year.

What's the background?

This all comes after Planet Fitness doubled down on its decision to ban member Patricia Silva, who complained that a "trans woman" was shaving in the female locker room while a girl — who could have been as young as 12 years old — was sitting in the corner wrapped in a towel and appearing distressed over the biological male's presence.

Three days later, Libs of TikTok posted an update, noting that "the woman who exposed a man shaving in an Alaska Planet Fitness women's locker room with a 12-year-old present just had her membership revoked. Why is @PlanetFitness prioritizing a man with a p*nis using a woman's private space over women's and girls' safety?"

According to the Daily Mail, Planet Fitness said that even though some members may feel uncomfortable sharing facilities in this way, "This discomfort is not a reason to deny access to the transgender member."

What's more, the outlet said Planet Fitness revoked Silva's membership and filed a police report against her, saying she violated gym policy by taking photos and/or videos in the locker room.

A statement from the gym on the matter indicates its staff "shall strive to address transgender members with names, titles, pronouns, and other terms consistent with their self-reported gender identity, if reasonably known to the Planet Fitness staff," the Daily Mail said, adding that a "transgender woman shall be referred to by her preferred name and female pronouns" and a "transgender man shall be referred to by his preferred name and male pronouns."

In addition, the statement also said Planet Fitness "reserves the right to terminate a person's membership immediately for any violation of this policy," the outlet reported.

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