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Tucker Carlson, one of the most popular Fox News prime-time hosts, was worth more than $690 million to the parent company. At least that is what trading in the stock indicates.
Shares of Fox Corp. sank as much as 5.4% Monday, the most since October, after the company said Carlson had left with immediate effect. The departure comes just days after the network agreed to pay $787 million to settle a defamation suit brought by Dominion Voting Systems Inc.
As speculation over Carlson’s next landing spot spread, investors snapped up shares of Rumble Inc., the Peter Thiel-backed conservative video network, and Digital World Acquisition Corp., the special-purpose acquisition company merging with Trump Media. Both stocks erased declines, with Rumble stock rallying as much as 3.9%, while Digital World gained 2.2%.
Carlson’s exit is “definitely going to leave a mark on Fox,” said Matthew Tuttle, CEO and CIO of Tuttle Capital Management, who bought shares of Rumble.
