Yes, WWE lost $1.05 billion in one day — Market Mad House

World Wrestling Entertainment (NYSE: WWE) lost $1.05 billion in market capitalization in one day last week.

To explain, WWE had a Market Capitalization of $4.89 billion on 30 January 2020 and a market cap of $3.84 billion on 31 January 2020, MacroTrends estimates. Thus, WWE’s Market Cap fell by $1.05 billion in 24 hours.

Consequently, WWE’s stock price fell from $62.29 on 30 January 2020 to $49 on 5 February 2020. World Wrestling Entertainment had a market capitalization of $3.849 billion on 5 February 2020.

Vince McMahon costs WWE $1.05 billion in stock value

Bloomberg blames WWE CEO Vincent K. McMahon Jr. for the market cap collapse.

McMahon fired co-presidents George Barrios and Michelle Wilson on 27 January 2020, Bloomberg reports. WWE has had a tough year with criticism from comedian Jamie Oliver and backlash from angry wrestling fans over dreadful events and shoddy storytelling.

WWE’s woes include low ratings for its SmackDown show on the Fox network. Comicbook.com estimates SmackDown had 2.529 million viewers on 31 January 2020. However, that number was up from 2.448 million on 25 January 2020.