WWE shares went tumbling down after Nathaniel August, the founder of Mangrove Capital Partners went on CNBC and said in an on-air interview that WWE Network subscriber growth numbers are not strong enough.
August said that WWE will earn “nothing” on a corporate level and they will need 1.4 million subscribers to the WWE Network to justify it, something he believes it’s never going to happen. You can see his appearance here.
WWE shares were trading up to $14.68 during the day, 67 cents higher than what they opened earlier in the day. However once the interview made it on the air, stocks went down to $14.01 and then went even further down to $13.81, losing 4.30% of its value.