Hulk Hogan Scandal Costs WWE Shareholders $50 Million
Forbes features an article about how the Hulk Hogan racist comments controversy has cost WWE $50 million.
Forbes mentions how shares of WWE stock increased 14% 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 almost 4% on Friday to $16.60 per share, costing shareholders around $50 million. It was noted how the overall market and shares of MSG, which may be the closest public proxy to WWE, slipped just 1%.
WWE stock fell even more in after-hours trading on Friday to $16.00.