Forbes ran an article this week describing how the Hulk Hogan racism controversy cost WWE shareholders $50 million.
The article notes how shares of WWE stock increased 14 percent after an outperform recommendation from Wells Fargo earlier this month, making WWE shareholders $160 million richer. However, after the Hogan scandal broke this week, shares dropped nearly 4 percent on Friday to $16.60 per share, which cost shareholders approximately $50 million.
WWE stock would go on to fall even more in after-hours trading on Friday to $16.00.
It’s worth noting that the stock market was down around 1% on Friday and there are many other factors (including normal fluctuations) that could have contributed to WWE stock to drop. That said, the Hulk Hogan news certainly didn’t help WWE’s stock – but it would be very difficult to evaluate exactly how much the bad press cost WWE shareholders.
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