Fox Corporation’s stock lost $1 billion in market capitalization just minutes after news broke that Tucker Carlson departed Fox News. Fox Corporation, which owns Fox News as well as entertainment television and sports holdings, quickly plunged more than 5% after Fox News announced that Carlson and the media organization had parted ways. The announcement came as a surprise and appeared to catch shareholders off guard.

The massive evaporation of value speaks to just how much traffic the 53-year-old host of Tucker Carlson Tonight drove for the network. Fox News recently announced that in the first quarter of 2023, the show was the highest-rated program in cable news in the younger 25-54 demo, averaging 3.2 million viewers, 443,000 in the demo and 299,000 in the 18-49 category.

This is the second high-profile exit from Fox News in less than a week. Last week, Dan Bongino revealed that he would no longer be producing his television or radio shows for Fox News or Fox Nation after the two could not come to an agreement for a contract extension. However, because of the possibility of a return, Bongino assured viewers that there was no bad blood between him and his former employer. Carlson has yet to make a statement regarding his sudden departure.

Carlson was perhaps Fox News’s single most-recognized anchor. His show was the network’s second-most popular program last year, with only The Five attracting more viewership. Fox News recently settled a defamation suit with Dominion Voting Systems for more than $787 million over false claims about voter fraud in the 2020 presidential election.

The reason why Carlson and Fox parted ways is still unclear, and he has not yet released a statement. Former US President Donald Trump said he was shocked by the departure of famous presenter Tucker Carlson from Fox News. ‘I’m shocked, I’m surprised,’ Trump told Newsmax. He noted that Carlson is a very good person and very talented. Trump also noted the high ratings of the TV presenter.

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