The tumultuous state of the stock market has hit many investors hard in recent weeks with the Dow Jones recording several new instances of its biggest single-day declines and the S&P 500 falling 32 percent from its record high set only weeks prior.
But despite the downturn inflicted by the spread of COVID-19, many of the world’s top investors are diving in and buying stock in some of the companies seemingly hit the hardest, Live Nation being among them.
Billionaire entrepreneur and Dallas Mavericks owner Mark Cuban has admitted to buying shares of Live Nation at this unlikely time. Cuban told CNBC he was “dipping his toes” in Live Nation after the entertainment giant halted its slate of worldwide concerts and saw stocks plummet nearly 70 percent in a matter of weeks.
News of Cuban’s investment came not long after Live Nation CEO Michael Rapino also bought $1 million in shares of his own company amid the market’s downturn. Rapino reportedly bought over 25,000 shares for an average price of $38.98, a stark difference from its February 19 high of $76.08. Nevertheless, the CEO maintained that Live Nation would bounce back in time and see strong business throughout the busy summer concert season.
Another notable investment that offers a sense of optimism for certain downtrodden industries is Berkshire Hathaway’s $45.3 million stake in Delta Airlines. The real estate empire, owned by Warren Buffett, bought 976,000 shares in Delta at the start of this month before travel restrictions ramped up amid the global pandemic. Delta stock is currently teetering around $22 a share, down from its 52-week high of $63.44.