Fox Corp Stock Lost Over $500 Million in Value After Tucker Carlson’s Exit, While Rumble Rallied

AP Photo/Richard Drew, File

Fox Corporation shares tumbled on Monday after the shock announcement that Fox News was “parting ways” with its top-rated opinion host – Tucker Carlson.

Carlson, who had the most-watched show on all of cable news, had been at the center of a string of controversies as of late; including accusations of historical revisionism regarding Jan. 6th, private messages bashing former President Donald Trump being made public, and a lawsuit from a former staffer alleging a toxic work environment.

None of that, however, impacted Carlson’s market worth, particularly as he has long dominated the key 25-54 age demographic on cable news. Upon news of Carlson’s exit, Class A shares Fox Corp shares dropped at a peak of 5.4 percent, but recovered some to close the day down 3 percent. Bloomberg noted that the dip cost Fox News’s parent company some $507 million in value.

The news came just days after Fox agreed to a $787.5 million settlement with Dominion Voting Systems for defamation related to the network pushing false charges of election fraud in 2020. Notably, Fox News still has the top show on cable news in total viewers with The Five, which has led the industry in the last 6 quarters and Fox’s stock did continue to rebound in post-market trading.

On the flip side, Rumble Inc., saw its stock rally 6 percent as media-savvy buyers bought up the stock, speculating Carlson may head over to the right-wing video platform.

Bloomberg reported that “Digital World Acquisition Corp., the special-purpose acquisition company merging with Trump Media” also “gained 2.9%” upon speculation Carlson could somehow end up at former President Donald Trump’s flailing media company. Both Rumble, which is backed by Peter Thiel, and Digital World erased losses to end the day up.