Despite the 2023 Miss Universe pageant, renowned for its inclusion of transgender contestants, proceeding this Saturday, the JKN Global Group, the entity behind the event, recently filed for bankruptcy just days before the scheduled spectacle.
Anne Jakrajutatip, a Thai business tycoon and transgender activist, acquired the organization for $20,000,000 in 2022, describing it as a “strong, strategic addition to our portfolio” due to her international fame as a transgender celebrity.
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However, a year later, the franchise is experiencing instability. According to a public document submitted to the Stock Exchange of Thailand by JKN Global Group, the company declared bankruptcy on November 8, 2023, and the Central Bankruptcy Court accepted the petition on November 9, 2023, under the Bankruptcy Act B.E. 2483 (1940).
In response to the financial challenges, the Miss Universe Organization released a statement confirming that despite the “current financial situation,” the Miss Universe 2023 event would proceed in El Salvador on November 18, 2023, with a commitment to providing a top-notch experience for fans.
This year’s Miss Universe pageant will make history by featuring at least two transgender contestants identifying as women: Miss Portugal, a flight attendant named Marina Machete, and Rikkie Kollé, the first transgender Miss Netherlands.
Reflecting on the global increase in transphobia and intolerance, Machete expressed concern in a September video. However, she praised the Miss Universe organization for being inclusive and breaking boundaries, providing a platform for women to empower themselves and effect real changes in their communities.
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Despite the challenges faced by the JKN Global Group, the Miss Universe Organization emphasized its commitment to inclusivity, stating in October, “Trans women are women, full stop. We are here to celebrate women, full stop. This has been true for more than a decade, and we’re proud to have made this change very early on, compared to other programs,” responding to Miss Portugal’s crowning.
Turns out, adding men to the lineup was a bad business decision.
