The Dow Jones Industrial Average dropped over 1,600 points on Wednesday afternoon, nearly 20% below its record high set in February.
Stocks for entertainment conglomerate Live Nation were caught up in that drop, slipping 15.6% and erasing $1.7 in market cap valuation for the company, as Music Business Worldwide points out.
The dive comes as the novel coronavirus continues to spread across the world — it has now been discovered in 114 countries and has killed over 4,000 people.
On Wednesday, the World Health Organization (WHO) declared the disease a pandemic. Dr. Tedros Adhanom Ghebreyesus, Director General of the WHO, said: “Pandemic is not a word to use lightly or carelessly.
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