Why The New York Times Company Plunged This Week
Shares of The New York Times Company (NYSE: NYT) plunged this week, falling as much as 11.9%, before recovering on Thursday to a 9.8% decline as of 2:09 p.m. EDT, according to data from S&P Global Market Intelligence . On Wednesday, major shareholders, including the State Board of Administration of Florida (SBA) and the National Center for Public Policy Research (NCPPR), filed a lawsuit against The New York Times, alleging bias in its coverage of the Israel-Hamas war and associated damage to the paper's reputation. Whether the suit will be successful and what financial impact it will have on the company's financials remain unknown; however, it appears that at least some shareholders perceived sufficient risk to sell shares upon the suit's announcement. Continue reading