Wow, that’s a lot of dough! Legendary golf player Tiger Woods hasn’t only hurt his own image, but his pockets and the pockets of all of his faithful investors who took a chance and stuck by him in the midst of his big “mistress” scandal. And as far as his own wallet is concerned, Woods will not be getting his usual $110 million per year due to the backlash he’s received due to the negative attention he’s been getting from the press lately.
According to a study conducted by two University of California at Davis economics professors—who looked at stock market returns for Woods’ sponsor companies in the 13 trading days immediately following his Thanksgiving revelation, ending a week after he announced he would be indefinitely leaving the sport—sticking by Tiger may have cost the companies as much as $12 billion.
Which means (sorry, Tiger defenders) there was a little more than standard fluctuations in the market at play.
Nike, Gatorade and EA Sports were hit hardest as a result of their carefully worded vows of support for the cheater extraordinaire, losing a total of $6 billion, while the consulting firm Accenture—whose profits don’t so much depend on the opinionated whims of Joe Public—managed to escape their since-severed association with no negative financial effects to their company.
So now that all of Tiger Wood’s skeletons (that we know of at least) have fallen out of his closet, what’s to come of his future? Has he really lost support from his loyal fans and endorsers? Only time will tell…