United Airlines has fallen by over $US600 million in market cap after a video showing forced removal of a ticketed passenger went viral.
United’s shares dipped by 4 per cent Tuesday. Earlier in the day, the decline in stock took close to $US1 billion off the company’s market value, but it recovered later. Nevertheless, United ended the day with $US600 million off its market value.
Following the backlash from the video, United CEO Oscar Munoz released a statement Monday saying he apologised “for having to re-accommodate” passengers and described the event as “upsetting”. This apology received another round of criticism for its tone.
@united You really call that re-accommodating a customer? Wow..hope I never get re-accommodated on a United flight
— Alfie Deyes (@PointlessBlog) April 10, 2017
Munoz released another public apology on Tuesday: “I continue to be disturbed by what happened on this flight and I deeply apologize to the customer forcibly removed and to all the customers aboard.”
— United (@united) April 11, 2017