Hulk Hogan racism controversy costs WWE big money

Hogan’s incident has put WWE at a loss

The racism controversy involving Hulk Hogan has cost WWE big time as the shareholders of the company have suffered a loss of about $50 million. Forbes has reported that the scandal has hit WWE’s stock market after comments from the Hall of Famer about his daughter’s black boyfriend were leaked in public.

As per Forbes’ estimation, shares of WWE stock increased 14% after an outperform recommendation from Wells Fargo earlier this month, making WWE shareholders $160 million richer.

However, after the Hogan scandal broke this week, shares dropped almost 4% on Friday to $16.60 per share, costing shareholders around $50 million. It was noted how the overall market and shares of MSG, which may be the closest public proxy to WWE, slipped just 1%.

WWE stock fell even more in after-hours trading on Friday to $16.00. You can check out their article at this link.