Why Live Nation Shares Are Falling Today

Live Nation Entertainment Inc LYV is trading lower Monday following multiple deaths at Friday's Astroworld Festival.

According to reports, around 50,000 people attended the music festival in Houston, Texas. 

At least eight people were killed and many more were injured after the crowd began pushing forward toward the stage when event organizer and rapper Travis Scott began performing. 

Live Nation issued a statement saying it was "heartbroken for those lost and impacted at Astroworld."

Investigations into the matter are ongoing. Some of the victims have filed lawsuits against Scott and Live Nation. 

Live Nation is the largest live entertainment firm in the world, best known for its concert and ticketing platforms. 

See Also: Where Live Nation Entertainment Stands With Analysts

LYV Price Action: Live Nation has traded as high as $127.75 and as low as $53.15 over a 52-week period.

The stock was down 4.79% at $117.87 at time of publication.

Photo: Okan Caliskan from Pixabay.