When a transcript revealing racist comments allegedly made by Hulk Hogan was made public on Friday, the WWE were quick to cut all ties with the veteran Superstar.
Indeed, the WWE had already started to wipe Hogan from their collective memory even before the vulgar comments were released to the public, such was the speculation that something big was about to break.
But, even though Vince McMahon and co. have attempted to limit the damage the racist remarks could have on the WWE as a whole, Forbes has now revealed just how much the exposé has cost the organization so far.
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According to Mike Ozanion, Forbes' resident sports business reporter, shares in WWE have "tanked" in the immediate aftermath of the Hulk Hogan controversy.
In just 24 hours the companies shares had suffered a four-percent decline - meaning shareholders in WWE collectively lost over $50 million.
Although Hulk Hogan has long been away from the WWE ring as a wrestler, his continued high-profile presence as an ambassador and all round promoter of the business means his negative actions have had a serious effect on the WWE as a whole.
Unfortunately for the WWE, whilst they may have done their best to scrub Hulk Hogan from the history books, it looks like they may have to brace themselves for an economic backlash for some time to come due to the severity of Hogan's comments.
WWE fans: What is your view on the Hulk Hogan controversy? Have your say in the comments below...
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