LJ_Reloaded
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https://www.forbes.com/sites/noahki...on-in-hours-blames-nfl-protests/#265934d27ffb
$70 million isn't enough. Let's increase those losses by an order of magnitude!The net worth of John Schnatter, founder and CEO of pizza chain Papa John’s, fell $70 million in less than 24 hours after the company released its third-quarter financial report on Tuesday afternoon. The business beat estimates on earnings and revenue, but it lowered guidance on same-store sales for the coming period.
Investors were not pleased with that news and sent shares down 11% through 12:30 pm Eastern Time on Wednesday. The stock is now trading at just over $60 per share.
One casualty of the slide was Schnatter’s personal fortune. The 55-year-old—who owns roughly 25% of Papa John’s—is now worth $801 million, Forbes estimates.
Schnatter blames part of the downturn on the National Football League, which has faced turbulence amid widespread national anthem protests in the past year. “The NFL has hurt us by not resolving the current debacle,” he said on a conference call on Wednesday. Papa John's is the league's official pizza sponsor.