Formula 1 Group stock price now at lowest level since 2016 as plummet continues
Formula 1 Group stock price now at lowest level since 2016 as plummet continues
Liberty Media's Formula One Group (FWONK) stock price has dropped to its lowest valuation since 2016, just a week after a 15% fall on what is being dubbed Black Monday following the outbreak of the coronavirus.
After much deliberations, F1, the FIA, and race organisers eventually made the decision to cancel the Australian Grand Prix only moments before FP1 - even though 12 hours previous a McLaren team member tested positive for the virus.
Coronavirus: The state of the 2020 Formula 1 seasonRead more
Before that, the Bahrain GP was expected to take place behind closed doors, but that has now been cancelled along with the races in Vietnam and China.
It is expected that the Dutch GP will follow suit, while Barcelona is also in serious doubt.
The stock market as a whole has been drastically impacted by the collapse in oil prices, leading to a wider drop not seen since the 2008 financial crisis, but the uncertainty regarding which races will and will not take place, plus the revenue pressures this would place on Liberty Media, have led to a spectacular drop in value.
FWONK is now at its lowest value since 2016. In the hours since McLaren announced their withdrawal from the event, the value of Formula One stocks (FWONK) plummeted by over $1 billion.
With the coronavirus situation constantly evolving, it remains unclear which races will go ahead as planned, throwing the entire season into doubt.
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F1 Standings
Drivers
- Oliver Bearman
- Charles Leclerc
- Carlos Sainz
- Lando Norris
- Oscar Piastri
- Pierre Gasly
- Esteban Ocon
- Sergio Pérez
- Max Verstappen
- Alexander Albon
- Logan Sargeant
- Lewis Hamilton
- George Russell
- Nico Hülkenberg
- Kevin Magnussen
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- Lance Stroll
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Races
- Gulf Air Grand Prix of Bahrain 2024
- Saudi Arabian Grand Prix 2024
- Grand Prix of Australia 2024
- MSC Cruises Grand Prix of Japan 2024
- Grand Prix of China 2024
- Miami Grand Prix 2024
- Gran Premio dell'Emilia Romagna 2024
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- Grand Prix of Austria 2024
- Grand Prix of Great Britain 2024
- Grand Prix of Hungary 2024
- Grand Prix of Belgium 2024
- Heineken Dutch Grand Prix 2024
- Grand Prix of Italy 2024
- Grand Prix of Azerbaijan 2024
- Grand Prix of Singapore 2024
- Grand Prix of the United States 2024
- Gran Premio de la Ciudad de Mexico 2024
- Grande Prêmio de São Paulo 2024
- Heineken Silver Las Vegas Grand Prix 2024
- Qatar Grand Prix 2024
- Grand Prix of Abu Dhabi 2024
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