Popular ticketing platform Live Nation has been facing the brunt of the coronavirus pandemic. Recently, they were forced to cancel a mass amount of events for the entire month of March.
According to Digital Music News, LYV shares have fallen about another 15%, landing at $36.31. The stock market has been deeply affected by COVID-19; consequently, Live Nation stocks have been plummeting. S&P Global Ratings is considering a massive downgrade of LYV stocks. Their shares are currently rated as a BB-minus rating, although it is expected to go down even more.
Last Friday, Live Nation CEO Michael Rapino invested about 1 million dollars into his own stock. Other bottom-grabs, such as Mark Cuban, also made investments; this move may have encouraged other buys, especially since shares had slightly elevated on Friday. However, as a result, Rapino lost about $150,000 and is expected to lose even more in the future.
Stay tuned for more updates on Live Nation.