Hulk Hogan’s Comments Ended Up Costing WWE $50 Million
The recent report concerning a racist tirade that WWE legend Hulk Hogan (Terry Bollea) made on a 2006 sex tape wasn’t without a financial impact for World Wrestling Entertainment. According to a recent report from Forbes, Hogan’s rant caused the WWE’s shareholders approximately $50 million.
After news broke on Friday concerning the Hogan remarks, WWE’s stock price fell to $16.60 a share, which was a decrease of four percent. That equates to an overall drop of $50 million when it comes to WWE’s stock value. The company’s value continued to slip during after hours trading on Friday, falling to $16.00 a share.
The comments made by Hogan came to the public’s eye due to an on-going lawsuit between Hogan and Gawker.com. The website released a 2006 sex tape featuring Hogan and ex-love interest Heather Clem. Clem was married, at the time, to popular radio show host “Bubba The Love Sponge,” a good friend of Hulk Hogan’s. Gawker.com released the tape, which was secretly made by Clem without Hogan’s consent, despite objections from Hogan.
The National Enquirer and Radar Online, who originally broke the story concerning Hogan’s racist remarks on the tape, have professed that there are more outlandish comments made by Hogan on the sex tape that are yet to be released to the public. The two media outlets say these remarks will continue to paint Hogan in a bad light.
Despite the bad press, Hogan took to Twitter to thank some of his fans, family, and famous friends for their support throughout the recent controversy.
Thank you to all my friends,family and business partners for all your love and support,you guys know who I really am and I love u 4 that. HH
— Hulk Hogan (@HulkHogan) July 25, 2015
Hogan’s ex-wife Linda, who left Hulk in 2007 for a 19-year-old that was a former classmate of daughter Brooke, has made comments to sources that she does not condone what her ex-husband was caught on tape saying. A source told Radar Online, “Hulk’s statements do not involve Linda, nor does Linda agree with such statements or beliefs.”
Hogan was still married to Linda at the time the sex tape with Clem was filmed.
Following the news breaking on Friday concerning Hogan’s statements on the video, he was quickly released from his contract with WWE and immediately fired from his role as a judge on WWE’s reality show, Tough Enough.
A Tampa Bay restaurant that bears Hogan’s name (Hogan’s Beach) is also reportedly now distancing itself from Hogan. Even though Hogan actually owns the restaurant, managers of the restaurant have been telling patrons that they have little to do with Hogan, despite numerous Twitter photos (some retweeted by the restaurant itself) that show Hogan on the property many times in recent months.
[Image via CNN Money]
