Share price of Formula 1 crashes and loses $300m in value

F1 is turning into Liberty Media's White Elephant

The coronavirus is causing major problems. It has cancelled sports events worldwide as the virus continues to spread. Not only is it causing lifestyle problems, it's also hitting the global economy as people brace themselves. Stock prices are falling worldwide and Formula 1 is no different. Races in Australia, Bahrain and Vietnam are all in doubt after the Chinese Grand Prix was postponed in February.

That uncertainty was of course already there, but on Monday afternoon the share price of FWONK, the share of the Formula One Group on the Nasdaq, crashed. According to Formula money, the share price dropped four percent wiping more than $300m off its value.