Fox News took a hit as the popular host Tucker Carlson left the company abruptly.

Tucker Carlson had been working for Fox News since 2009 and became what many would consider the face of the news outlet. Carlson’s fame and popularity may have had a greater value for the company than initially believed as the announcement of Carlson’s departure sent a shockwave through the stock market resulting in parent company Fox Corp. losing 5.4% of its market value.

The drop came swiftly on Monday resulting in the company losing more than $690 million in valuation as many investors turned their heads towards alternate conservative news outlets. Rumble Inc. and Digital World gained 3.9% and 2.2% market value respectively on Monday as well.

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‍Source: Bloomberg