Carlson’s Exit Wipes Out $690 Million in Value!

Apr 24, 2023 thejournalbiz

Tucker Carlson, one of the most popular Fox News prime-time hosts, was worth more than $690 million to the parent company. At least that is what trading in the stock indicates.

Tweet on Carlson stock effect swings

Carlson’s @FoxNews Exit Wipes Out $690 Million in Value!

Tucker Carlson, one of the most popular Fox News prime-time hosts, was worth more than $690 million to the parent company.
At least that is what trading in the stock indicates.#FoxNews #stocks #carlson pic.twitter.com/Nsp47j7S9U

— The_Journalbiz (@the_journalbiz) April 24, 2023

Bloomberg chart on Fox news

Shares of Fox Corp. sank as much as 5.4% Monday, the most since October, after the company said Carlson had left with immediate effect. The departure comes just days after the network agreed to pay $787 million to settle a defamation suit brought by Dominion Voting Systems Inc.

As speculation over Carlson’s next landing spot spread, investors snapped up shares of Rumble Inc., the Peter Thiel-backed conservative video network, and Digital World Acquisition Corp., the special-purpose acquisition company merging with Trump Media. Both stocks erased declines, with Rumble stock rallying as much as 3.9%, while Digital World gained 2.2%.

Carlson’s exit is “definitely going to leave a mark on Fox,” said Matthew Tuttle, CEO and CIO of Tuttle Capital Management, who bought shares of Rumble.