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.
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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