As reported by Formula Money, a specialist in the business of Formula 1, the share price plummeted by 4.5%. This was counteracted by a lesser 3.1% rise following the announcement that Carlos Sainz would be filling the vacancy.
However, this still equated to a net $90 million loss, at a time when the sport has already taken damage due to the pandemic.
We Tweeted yesterday that #F1 should have never been floated because it is influenced by too many external factors. Here's more proof: Vettel leaves Ferrari: $FWONK -4.5% Sainz joins Ferrari: $FWONK +3.1% Both prices from the same time. That's a net loss of 1.4% or $90 MILLION... pic.twitter.com/5M5trjZDbw
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