Planet Fitness lost $400 million in stock value in just five days on the heels of banning a woman who complained about a biological male shaving in the female locker room, the Daily Mail reported.
The company's value dropped from $5.3 billion on March 14 to $4.9 billion on Tuesday, the outlet said, and its shares were down 13.59% compared to a month ago. The Daily Mail used another set of figures to describe the setback, noting that Planet Fitness' stock fell by 7.8% on Tuesday, going from its opening price of $59.44 to a five-month low of $54.80, before rebounding slightly.
TipRanks reported that investors took nearly 4% of Planet Fitness' market cap Tuesday, and the company has lost 23.52% of its share price over the past year.
Bloodbath at Planet Fitness! A woman spoke out about being confronted by a MAN shaving in the women’s locker room. Planet Fitness then revoked her membership.
— Libs of TikTok (@libsoftiktok) March 18, 2024
I’m hearing from insiders that there’s PANIC at corporate over mass cancellations and this PR nightmare they got… https://t.co/AL3d3AC1LS pic.twitter.com/41hj0c9g94