In the wake of the suspension of ABC’s “Jimmy Kimmel Live!” — and its subsequent quick return to air — many Americans find themselves contemplating the controversial events surrounding the remarks Kimmel made after the tragic assassination of conservative activist Charlie Kirk.
Scott Galloway, a New York University professor and popular podcaster, recognizes how he perceived ABC’s initial action to remove Kimmel as an example of a more general threat from billionaires and major corporations.
He plans to take action, and he urges others to follow his lead.
First, he believes this can involve targeted boycotts by regular consumers of companies who engage in questionable behavior — and even more drastic financial maneuvering on the part of the wealthy, such as himself.
“Here’s a place to start,” Galloway wrote in his Oct. 3 “No Mercy/No Malice” newsletter sent by email to TheStreet. “Pick an enabler — plenty to choose from, but it’s best to focus on a brand you actually spend money with. Make noise when you cancel and show receipts on social media. State a clear demand. Keep going.”
“The math is simple,” he also wrote. “You have power, and they need your money more than you need their product.”
But Galloway also revealed his own plan for personally taking action against ABC owner Disney (DIS) and the company’s CEO Bob Iger.
Scott Galloway’s plan of action to take on Disney, Bob Iger
Galloway wrote that he has a bold plan to use his wealth to express his opinions and, more importantly, to engage in action.
“If a law firm capitulates, I won’t hire them,” he wrote. “And if UCLA pays Trump $1 billion in blackmail, I’ll start giving to Cal State instead.”
Galloway was referring to a $12 million donation he made to UCLA in July 2024.
Regarding Bob Iger and Disney, Galloway explained his future approach.
“Here’s what I plan to do,” he wrote. “I intend to take a sizable (for a professor) position in DIS to propose a slate of directors that does not include Iger, or call for a no-confidence vote.”
Galloway invoked an activist figure from popular culture — and bluntly explained how he views the current intersection of politics, business, and the opportunity for the wealthy to act.
“Bob Dylan said money doesn’t talk, it swears,” Galloway wrote. “Well, f—ing enough already. Trump has seized the means of production (a golden share in U.S. Steel, investments in Intel, carving up TikTok for his donors, and weaponizing institutions so firms bend the knee).”
“Wealthy Americans, who’ve benefitted so much from the pillars Trump is attacking, need to get our s— together and seize the means of consumption.”
Image source: Getty Images
Galloway believes the wealthy have increased financial responsibility
Galloway notes that during the course of history, boycotts have been referred to as “weapons of the weak against the strong.”
He believes that reality is experiencing a noteworthy change.
“Today, however, I believe consumer boycotts are weapons of the privileged against the powerful,” he wrote.
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Galloway points to two factors that he says account for this shift.
First, he explained, through President Trump’s portrayal of a personalized economy — made up of specific companies, people, buyers, and investors, rather than an abstract market — he has promoted a worldview amenable to consumer activism.
Second, Galloway clarified his view that “concentrated wealth puts a lot of consumer firepower in the hands of relatively few people.”
“Consumers in the top 10% income bracket account for half of consumer spending,” Galloway wrote. “That cohort leans Democratic 53% to 46%, but more important, they can afford to not spend.”
“Setting aside multiplier effects, import leakages, and substitution,” he continued, “I estimate that the top 10% could achieve a 1% decline in GDP with a 3% reduction in spending.”
Scott Galloway offers perspective on the influence of consumer spending
Galloway points to the biggest lesson that he believes can be learned from two major economic events of the past two decades.
“We frame economic power as a contest between capital and labor, but the real star of the American economy is consumer spending, which accounts for 68% of GDP,” he wrote.
Related: Scott Galloway, Kara Swisher hammer Disney’s Bob Iger
The two major events Galloway cites are these:
- The Great Recession (December 2007 to June 2009) saw a 3.4% drop in consumer spending — at the time, the most severe year-over-year decline since World War II.
- The U.S. economy registered a 9.8% drop in consumer spending during the second quarter of 2020, when Covid shut down the world as we knew it.
“In both instances the U.S. government responded aggressively, spending hundreds of billions, primarily on bailouts, to pull us out of the Great Recession, and trillions, primarily in direct aid, to get us through the pandemic,” Galloway wrote.
“The lesson? When consumers stop spending, American leaders start listening.”
Related: Disney World raised ticket prices, now increases essential fee
