Everyone is being asked to self-quarantine at home amid the coronavirus (COVID-19) outbreak. The stock markets are continuing to tank, and the future of the markets is entirely uncertain. Notably, this is including Live Nation, which announced this week that all their tours were cancelled. While their stock went down by $1.8 billion in one day last week, even more bad news is here for CEO Michael Rapino, who was prompted to start buying shares to save the company, which currently isn’t helping much.
According to a report shared with Digital Music News, CEO Michael Rapino had invested in 25,650 Live Nation shares at the price of $38.98 each. The total came to around $1 million. This unfortunately led to a loss of over $250,000 in just 4 days. At the closing bell, Live Nation shares settled at $29.50, which is much lower than the recent February high of $76.60. By the end of the day on Wednesday, Rapino’s losses neared the $250,000 number.
The stock market has been hugely affected by COVID-19. Live Nation stocks have been plummeting. S&P Global Ratings is considering a massive downgrade of Live Nation stocks. Their shares are currently rated as a BB-minus rating, although it may go down even more very soon. Not to mention, Mark Cuban might event be interested in purchasing shares in Live Nation as well. Stay tuned for future updates around Live Nation, and let’s hope the markets level out soon.