Fox Corporation’s stock plunged by more than 5 percent on Monday after Fox News host Tucker Carlson’s surprise exit was announced, initially wiping out nearly $1 billion from its market value.
Combining its Class A and B shares, the company saw $900 million wiped off its market value and by late afternoon trading, its Class B shares were down 3.3 percent, which is equivalent to a loss of about $650 million of shareholder value.
Shares of the company have recovered somewhat but are currently trading at $29.72, down 0.64 percent, while its market cap is now $16.69 billion, down from $17.29 billion prior to the announcement, a difference of around $600 million….