Want to get a sense of just how bad the News of the World phone hacking scandal has been for Rupert Murdoch? Look no further than News Corp market value.
The company has lost $7 billion in market value over the last four trading days, reports Bloomberg.
The company “tumbled 4.6 per cent to A$15.19 in Sydney today. The stock lost $1.27, or 7.6 per cent, to $15.48 in Nasdaq Stock Market trading yesterday, the biggest drop since April 2009. It was the fourth straight decline in the company’s closing price, cutting its market value by 15 per cent to $41.2 billion. “
At 538.com Nate Silver notes a big chunk of that is from yesterday alone [below].
The question remains: How much money does News Corp have to lose before Rupert Murdoch chooses to lose top lieutenants instead?
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