Nov 18, 2022 - Economy
Live Nation stock plummets after Taylor Swift tour meltdown
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Ticketmaster's site crashed for many people when pre-sales for Taylor Swift's upcoming tour began Tuesday and the blowback has been massive ... and swift.
Catch up quick: The stock price of Live Nation, which merged with Ticketmaster in 2010, fell nearly 9% after the New York Times reported that the Justice Department has been investigating the companies for months. It recovered slightly to close down 7.9%.
- Live Nation did not respond to a request for comment. The Justice Department declined to comment.
- Two hours before the Times report, Swift posted a story to her Instagram, writing in part: "I'm not going to make excuses for anyone because we asked [Ticketmaster], multiple times, if they could handle this kind of demand and we were assured they could."
The big picture: Lawmakers including Minnesota Sen. Amy Klobuchar and Rep. Alexandria Ocasio-Cortez (D-N.Y.) have called out the two companies for what they say are anticompetitive practices.
- Connecticut Sen. Richard Blumenthal said in a tweet about the crash that he has "long urged DOJ to investigate the state of competition in the ticketing industry."
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