Fox Corporation shares suffered a sharp drop on Monday after the shock announcement that star host Tucker Carlson would be leaving Fox News, effective immediately. The company’s stock tumbled as much as 5.4 percent early Monday afternoon, at one point trading at $29.27 per share, according to Markets Insider. Class A shares bounced back slightly and were down around 3 percent by the time markets closed on Monday afternoon, CBS News reported. In a terse statement dropped without warning on Monday, the network said that leadership and Carlson had mutually “agreed” to part ways. “We thank him for his service to the network as a host and prior to that as a contributor,” the statement continued. “Mr. Carlson’s last program was Friday April 21st.” Carlson was one of American television’s most-watched personalities, frequently drawing more than 3 million viewers to his show Tucker Carlson Tonight.