Message: The letters "s-e-x" are in the clouds.
Determined to Be: Not ruled true... but not exactly proved false, either...heh heh...
The Story: About halfway to three-fourths of the way through the film, Simba, Pumbaa, and Timon are lying on their backs, looking up at the stars. Simba gets up, walks over to the edge of a cliff, and falls to the ground,causing a cloud of dust to go into the sky. The dust moves around abit, and forms what looks like the letters S-E-X. Even when you pause or play the movie in slow-mo, it's difficult to make out the letters.
What Disney Says: Their explanation is that the letters are actually "S-F-X," the abbreviation for the special effects group.