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Just a week ago, the share price of Swiss consumer electronics group Logitech dropped significantly. This was because CEO Bracken Darrell was quickly leaving.
After a period of stability, Logitech share price fell more than 2 percent again on Wednesday, or even 3.6 percent in the meantime. The reason for this is likely to be related to the revelations of British journalist David Pogue. This showed that a simple game controller of the type F710 from the Swiss company Logitech was used to control the Titan submarine from the now hotly sought-after Ocean Gate company. Images of the controller have also appeared in the media and social networks – presumably on smartphones and tablets of Logitech investors.
But above all, Pogue wanted to show that Oceangate’s submarine was built with the simplest of tools. The Logitech controller costs only 30 to 40 francs. At the same time, other elements of the diver are criticized, such as the use of construction tubes as ballast or lights from the manufacturer Camperworld. In sharp contrast, the cost of the trip to the Titanic wreckage: $250,000.
Fear of lawsuits circulates
But what are the reasons for the low stock market? Logitech isn’t in the deep-sea submersible gear business, of course. It’s also still unclear if the game controller had anything to do with the accident.
While some investors are concerned about the durability of Logictech devices or possible lawsuits after the drama, the Swiss manufacturer’s stock market crash is primarily a purely emotional response.
The best indicator of this: the stock is slightly green again today, Thursday.
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
