Live Nation Stock Falls In Wake Of Astroworld Festival Tragedy

Written by on November 8, 2021

The aftermath of the tragic events that happened at Travis Scott‘s Astroworld Pageant continues to unfold.

In accordance with Selection, “shares of Stay Nation Leisure,” the corporate accountable for selling and organizing Astroworld, “fell as a lot as 8% in early buying and selling Monday.” And as of 10 a.m., “Stay Nation’s inventory was down 4.7% Monday, to $117.94 per share.” 

Regardless of recovering from a good bigger dip at market open, Stay Nation’s slide within the inventory market comes simply after the corporate hit all-time highs. Upon posting third quarter outcomes that bested incomes expectations, the leisure firm’s shares elevated 14% final week. However after eight people were killed and hundreds more were injured because of stampeding crowds throughout Scott’s efficiency on Friday evening, Stay Nation inventory has fallen. 

Stay Nation, who has come beneath scrutiny for safety issues and tragedies at previous events, issued a press release in response to what occurred at Astroworld.

“Heartbroken for these misplaced and impacted at Astroworld [Friday] evening. We’ll proceed working to supply as a lot info and help as attainable to the native authorities as they examine the state of affairs.” 

Together with Scott, guest performer Drake, and others, Stay Nation was named in a lawsuit that alleges when “The group turned chaotic and a stampede started. Many begged safety guards employed by Stay Nation Leisure for assist, however have been ignored.” 

Alex Bierens de Haan/Getty Photos

In accordance with the report by Selection, “The return of music festivals was a significant contributor to Stay Nation’s earnings report final week,” and that “17 million followers attended Stay Nation reveals throughout the quarter, with festivals offering a big share of that enhance.” 

Following Astroworld, nonetheless, it appears unlikely that Stay Nation will proceed to reap the advantages of music festivals returning. Whereas the leisure firm has already been sued for his or her involvement, the lawsuits will proceed to pour in, and it will not be stunning to see their shares drop even additional consequently. 

Keep up to date on what’s occurring within the wake of the Astroworld tragedy here.

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Supply: HotNewHipHop

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