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Michael Rapino
But does the stock price of a promotion and ticketing giant reflect the state of the entire live music industry?
On March 12, the day Live Nation suspended its tours, and with the stock market slipping, Live Nation chief executive officer
Michael Rapinobought $1 million in his company’s stock a show of confidence when it was becoming clear the company faced a prolonged absence. Six days later, Live Nation shares reached their pandemic-era low of $21.70, a 70.1% free fall from the pre-pandemic closing price of $74.19. The economy was in a tailspin the U.S. gross domestic product dropped 32.9% in the second quarter and companies in the outdoor entertainment space, from movie theaters to theme parks, had lost their customers.