Credit to Forbes
Article by Haddon Lockyer
The stock of the Fox Corporation, the parent company of Fox News, crashed on Monday after news broke that the company had parted ways with their top anchor, Tucker Carlson. In just minutes, Fox Corp.'s value plunged by $1 billion, making them one of the biggest losers in the market on Monday.
The company's shares dropped more than 5.4% almost immediately after viewers learned that Carlson would not be returning to host his massively successful show at 8:00 PM. While the stocks did rebound slightly - the market closed with Fox shares down just under 3% - the Wall Street Journal still labeled Fox Corp.'s class A and B shares one of the worst performers of the day in the S&P 500. Things weren't looking any better for Fox Corp. on Tuesday, with the market opening to another decline for the company.
Carlson (left) & Rupert Murdoch (right)
Credit to the Washington Post On the flip-side, free speech video platform Rumble saw stocks rise by nearly 4%, as many predict Carlson may continue his broadcasts through the platform. Meanwhile, Digital World Acquisition Corp., which is merging with Trump Media, had shares rise by 2.2%, according to Bloomberg. News of Carlson's exit from Fox stunned both the business and political worlds, with many long-time viewers pledging to ditch the network for competitors like Newsmax & the Daily Wire. Even Former President Donald Trump spoke out against Carlson's ousting from the network.
Carlson started hosting his Fox show, Tucker Carlson Tonight, in 2016, and frequently had the highest ratings of any cable host. Along with beating competitors at MSNBC and CNN, Carlson surpassed Fox News staples Sean Hannity and Bret Baier. In the first quarter of 2023, Carlson averaged 3.2 million viewers nightly. Carlson has yet to speak publicly about his exit from Fox News. Have comments? Share them below. Recently, The Informed Youth announced our Insiders initiative. If you become an Insider, you'll get early access to some of our projects, a special "thank you" message from Haddon Lockyer, and more. Plus, you'll be supporting young conservatives. How cool is that? Find out more. The Informed Youth is America's newest conservative source for reliable and factual news, brought to you by the Nation's patriotic young people. Learn more about us by clicking here, and sign up for our mailing list below. If you would like to support our cause, click the Donate button below:
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