Following Monday’s Closing Bell on Wall Street, ViacomCBS shares topped $100 a share — an incredible feat for a company whose stock bears a 52-week low of just $11.85. The powers that be at Spongebob’s employer responded to the incredible growth of ViacomCBS stock by initiating a mammoth $3 billion equity offering.
The reaction from investors? Sell! Sell! Sell! ViacomCBS shares on Wednesday suffered from a historic free-fall, with Wednesday activity only building on Tuesday’s downward momentum.
Early after-hours activity saw the declines continuing.