WWE's stock took a hit yesterday, and continues to fall, following the announcement that Crown Jewel will go ahead as planned in Saudi Arabia.
One of the main talking points surrounding WWE for the past few weeks is what the company was going to do about the Crown Jewel situation. At the time of typing this, the show will be just one week away, and it was due to take place in Saudi Arabia. Many fans and even US senators have been urging WWE to cancel the show or at least move it to a different destination.
There were rumors that WWE's radio silence on the matter was due to it arranging an alternative venue for Crown Jewel in the US. Turns out that was not the case at all. WWE officially announced on Thursday that Crown Jewel will be going ahead as planned. In fact, there have also been reports that some WWE employees are already in Saudi Arabia preparing for the event.
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The reason for WWE shutting its eyes and pushing forward with Crown Jewel is, of course, money. However, even though the deal with Saudi Arabia's General Sports Authority is still intact, WWE's stock has taken a hit. As reported by Wrestlezone, at the end of Thursday following the Crown Jewel announcement, WWE's stock had dropped to less than $76 per share.
When you consider that at the start of October, WWE's share price stood at an impressive $91 per share, you start to realize how much damage this Crown Jewel fiasco has really done. In fact, it continues to drop as we speak. Right now, it has sunk to less than $71 per share. That may have risen a little by the time you read this or it could have fallen even further.
As bad as this all sounds for WWE stockholders, in the grand scheme of things, it isn't exactly a big deal. The massive television deals for Raw and SmackDown Live led to the company's stock going through the roof over the course of the past year. At its lowest point over the past 52 weeks, WWE's stock was worth $21.22 per share. So even if it were to remain at around $70 and not rise back up to the lofty heights it once was, it would still have more than tripled its share price.