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Live Nation Stock Goes Into a Tailspin — $1.8 Billion Lost In One Day
Shares of Live Nation (LYV) took a nosedive on Wednesday as global coronavirus fears cripple concert touring and attendance.
Just ten days ago, Live Nation CEO Michael Rapino was downplaying coronavirus concerns, while pointing to a temporary disruption. “Most of our business doesn’t start until the middle of June onwards,” Rapino stated. “So the next few months, we’ll have some cancellations, I assume, here and there in some arenas and clubs, but the heart of our business happens this summer.”
Wall Street investors are less convinced of that breezy assessment. Earlier this week, we reported on a major slide in shares of Live Nation (LYV). Today, that slide became an avalanche, with shares dropping an additional 16.5% amidst rising concert cancellations and coronavirus pandemic concerns. Doing the math, the one-day plunge on Wednesday amounted to roughly $1.8 billion in stock market valuation.
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