A day after the fiasco involving the deplaning of an Asian customer made headlines and earned massive outrage everywhere, United’s market capitalization, (the company’s current value), fell by over $750 million, according to Gizmodo.
United’s market cap, which was $22.5 billion as of Monday’s close, dropped to $21.70 billion by Tuesday, marking a 3.7% in the morning trade. The loss was expected to be as much as $830 million if the stock continued to plummet by closing, MarketWatch reports (via FactSet).
Even before Tuesday market’s open, pre-market trading has already caused United shares to slide by as much as 6%.
Observers see the stock on track to drop by 2.8% by the end of the week, foreseeing a significant loss of United’s market value by over $600 million since last week’s close.
The incident generated even more backlash after United Airline’s CEO Oscar Munoz posted a non-apologetic tweet in response to the incident, seemingly justifying the decision to remove the man who refused to give up his seat on the reportedly overbooked flight.