United Airlines loses over $650,000,000 after passenger is beaten
Today, as of 1045am EST, United Airlines stock is down over 3.8%, which represents a drop of over $650,000,000 in market cap in just one day.
Yesterday, the stock price was up slightly, but mostly because the fallout and blowback hadn’t reached the epic proportions that it did overnight.
Perhaps it would have been better just to offer someone $2,000 for their ticket instead of violently beating, dragging, and abusing a man, no? I, for one, will not take the side of the airline unlike many other people on the interwebs today. While United was in their legal right to remove someone from an aircraft, the circumstances around the entire situation are absurd and uncalled for.
— Jayse D. Anspach (@JayseDavid) April 10, 2017
United hasn’t been having a great time in the news lately. First there was the leggings incident, where two girls on employee travel vouchers were kicked off a flight. United’s social media and PR responses were a disaster. Then, we found out that they’ve grossly underestimated the amount of wine Polaris class customers would drink on the planes. They’re facing a wine shortage because of their new “wine flight” system, and asking flight attendants to be more conscious about the onboard consumption.
It’s quite ironic that a company who built their brand on “Flying the Friendly Skies” is having so many issues around customer service. But then again, is it really? In a time where corporations are being referred to as “people” in supreme court decisions, corporations seems to have more and more power over the rights of the individual. In what other instance can you think of where it is OK for a company to call in the police and forciably beat someone for not moving from their seat?
I’m hoping that we see a Woolworth’s sit-in style change, where people’s attention was brought to a matter until change was created.
It is NOT ok to assault passengers. It is NOT ok for someone to be beaten to be removed from a flight. It is NOT ok for a corporation to condone violence in the name of “standard operating procedures.”
I hope that this $650m from Wall Street is only the start.