Tucker Carlson’s exit wipes out $700 million in market value for Fox


Shares of Fox News’ parent company fell on Monday after the network announced the Easter of Tucker Carlson, its controversial but beloved host, less than a week after the company agreed to pay $787.5 million to settle a libel lawsuit from Dominion Voting Systems after Fox figures including Carlson peddled false allegations of fraud in the 2020 election.


Fox Corporation’s Class A shares fell 5.6% within 30 minutes after its news wing announced it had immediately “agreed to part ways” with Carlson.

That wiped out $700 million in market cap for the Rupert Murdoch-led company.

The network didn’t immediately give a reason for Carlson’s departure, but it was a major bombshell considering Carlson’s nighttime schedule. Tucker Carlson tonight regularly book largest cable news audience.

Large number

$182 million. This is how much the net worth of Murdoch, executive chairman of Fox Corp., slipped on Monday, according to Forbesestimates. The 92-year-old is the 99th richest man in the world.

Surprising fact

CFRA research director Kenneth Leon downgraded Fox stock from a buy to a hold on Friday following the Dominion settlement, reducing his price target for Fox from $41 to $37. The Fox brand has taken a “hit with advertisers and marketers,” Leon wrote in a note to clients, lowering earnings estimates for 2023 and 2024 by about 5% each.

Further reading

Tucker Carlson suddenly absent from Fox News (Forbes)

Correction (4/24): A previous version of this article incorrectly stated in the “Key Facts” section how much market capitalization Fox lost on Monday.

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