Fox Corporation’s Stock Plummets After Tucker Carlson’s Departure
Unexpected Exit
Fox Corporation’s stock lost $1 billion in market capitalization minutes after the news broke that Tucker Carlson left Fox News. The announcement came as a surprise, catching shareholders off guard, and causing Fox Corporation’s stock to plunge more than 5%.
Carlson’s Impact
The massive evaporation of value highlights the significant traffic the 53-year-old host of Tucker Carlson Tonight generated for the network. Fox News recently announced that, in the first quarter of 2023, the show was the “highest-rated program in cable news in the younger 25-54 demo, averaging 3.2 million viewers, 443,000 in the demo, and 299,000 in the 18-49 category.”
“Carlson was perhaps Fox News’s single most-recognized anchor.”
Carlson’s show was the network’s second-most popular program last year, with only The Five attracting more viewership.
Recent Fox News Developments
Fox News recently settled a defamation suit with Dominion Voting Systems for over $787 million over false claims about voter fraud in the 2020 presidential election. Additionally, last week, another popular figure at Fox, Dan Bongino, announced that he and Fox failed to agree on a contract extension.
