Go woke, go broke, or alternatively get woke, go broke, is an American political catchphrase used by some right-wing US conservatives to refer to the actual or perceived stock value drops or loss in sales ("going broke") of companies or corporations that publicly support progressive causes, such as the rights of women, LGBT people and people of color (termed as "going woke" by its opponents).
The phrase has seen mixed levels of success and applicability. When conservatives boycotted various companies in 2023, such as Bud Light, Target, and The Walt Disney Company, they experienced a loss in sales and stock value drops, while Disney lost subscribers to its streaming platform Disney+. Experts said these losses could not be solely attributed to the boycotts and that they could stem from other causes, such as the companies' responses to the boycotts. Some movies said to be "woke" have been followed by financial success; Greta Gerwig's 2023 movie Barbie was noted for challenging the slogan's validity.
Origin
The word "woke", originally a slang term to describe increased awareness for racial injustice, has been adopted by various right-wing groups to label opposing ideas and their proponents. While some individuals and groups, particularly in certain factions of the American right, use it to criticize developments in social justice, the term has also been employed to describe a wide range of issues ranging from climate change to initiative to support minorities' rights.
The phrase "get woke, go broke" is believed to have been coined by John Ringo in 2018. It originated in a dispute involving Ringo's invitation to ConCarolinas where objections were raised because Ringo wrote books in which the central character has impulses to rape, The organizers rescinded their invitation because they could not guarantee that he would be free of hostile actions from those who objected to his presence at the convention. The incident was reported in a right-wing website that has since ceased operation, Dangerous.com; it said that according to Ringo, the convention "pushed its conservative members out of its planning committee, attendance dropped over years, and it's now defunct." Ringo characterized the effect on organizations that give in to the demands of social activists as "Get woke, go broke". The phrase is then interpreted as a reference to companies that engage in politically correct activities as part of their corporate strategy, but only to see such strategy result in significant financial loss for them.
The phrase is also used in political discourse in the United Kingdom.
Early usage
The phrase quickly gained popular usage by those on the right after it was coined. One of the early incidents the phrase was invoked concerned the use of Colin Kaepernick in Nike's "Just Do It" ad campaign in September 2018, which drew criticism from Donald Trump and calls for its boycott. Nike nevertheless continued with its campaign. It also reported increased sales, and this has been used as an example where a company that made a commitment and stayed the course can reap the benefits despite alienating some customers.
Another early application of the phrase involved Gillette. In January 2019, Gillette ran an internet campaign "The Best Men Can Be" that criticised toxic masculinity and suggested how men should act. While the campaign received praise from some quarters, it also received widespread criticism from men who were their core customers, and led to calls for boycott. In July 2019, some months after the ad was released, the parent company of Gillette, Procter & Gamble announced that while it had record sales for other products, it took an $8 billion write-down on its revenue for Gillette. The company said that the write-down was due to currency fluctuation, greater competition and a shrinking market as men shave less frequently. Critics of the campaign, however, believed that the campaign had hurt the company, and this campaign has often been cited as an example of "get woke, go broke".