The aftermath of the tragic events that took place at Travis Scott's Astroworld Festival continues to unfold.
According to Variety, "shares of Live Nation Entertainment," the company responsible for promoting and organizing Astroworld, "fell as much as 8% in early trading Monday." And as of 10 a.m., "Live Nation’s stock was down 4.7% Monday, to $117.94 per share."
Despite recovering from an even larger dip at market open, Live Nation's slide in the stock market comes just after the company hit all-time highs. Upon posting third quarter results that bested earning expectations, the entertainment company's shares increased 14% last week. But after eight people were killed and hundreds more were injured as a result of stampeding crowds during Scott's performance on Friday night, Live Nation stock has fallen.
Live Nation, who has come under scrutiny for safety issues and tragedies at previous events, issued a statement in response to what happened at Astroworld.
"Heartbroken for those lost and impacted at Astroworld [Friday] night. We will continue working to provide as much information and assistance as possible to the local authorities as they investigate the situation."
Along with Scott, guest performer Drake, and others, Live Nation was named in a lawsuit that alleges when "The crowd became chaotic and a stampede began. Many begged security guards hired by Live Nation Entertainment for help, but were ignored."
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According to the report by Variety, "The return of music festivals was a major contributor to Live Nation’s earnings report last week," and that "17 million fans attended Live Nation shows during the quarter, with festivals providing a large percentage of that boost."
Following Astroworld, however, it seems unlikely that Live Nation will continue to reap the benefits of music festivals returning. While the entertainment company has already been sued for their involvement, the lawsuits will continue to pour in, and it would not be surprising to see their shares drop even further as a result.
Stay updated on what's happening in the wake of the Astroworld tragedy here.
