US firms that kept DEI policies despite ‘go woke, go broke’ threats thrived

‘In the days after the executive orders were signed, companies that kept their DEI policies actually performed better on the stock market than those that didn’t.’ Composite: The Guardian/Getty Images

Conservative backlash was supposed to put an end to the diversity, inclusion and equity (DEI) movement as companies were warned “go woke, go broke”.

In January 2025, Donald Trump delivered a death knell, ending DEI within the federal government with executive orders and threatening to target companies that still supported it. Companies including Google, Goldman Sachs, McDonald’s and Walmart that had embraced DEI years earlier fell into line and announced an end to their policies.