The jury’s guilty verdict deprived Martha Stewart both of her credibility and approximately $85 million. When she woke up this morning Stewart was worth about $420 million. When she goes to sleep tonight–assuming she can sleep–her net worth will be around $335 million. Her fortunes aren’t likely to improve upon the market’s opening next week.
Shares in her namesake firm Martha Stewart Living Omnimedia closed down 23% at $10.86 after Stewart was convicted of obstructing justice and lying about her sale of 4,000 ImClone shares.
The decision clearly surprised some on Wall Street.Traders put late money on the jury going easy on the domestic diva. Martha Stewart Living shares were bid up by as much as 22% on Friday before trading was halted mid-afternoon ahead of the imminent verdict.
Alas, things may get worse for the company that briefly made Stewart a billionaire. While it’s not clear just how the company that bears her name will be hurt as a result of the bad publicity, Kmart (nasdaq: KMRT – news – people ), which sells Martha Stewart-branded sheets, towels and paint, was also stung by the news. Its shares closed down more than 1% on the day at $32.51. Clearly, investors expect the verdict to put a dent in those sales.
Definitely not a good thing for Martha Stewart