Judging by the movement of Fox Corp stock it appears investors feel Tucker Carlson, one of the most popular primetime hosts on Fox News, added about $500 million in value to his employer’s parent company.

Fox Corp’s Class A shares fell by up to 5.4% in Monday trading, before cutting its losses to 2.9% following the announcement that Carlson had left with immediate effect. HIs exit came within days of the company settling a defamation suit brought by Dominion Voting Systems Inc., agreeing to pay $787 million.

Brandon Nispel, an analyst for KeyBanc Capital Markets said, “Fox Cable News is now in rebuilding mode, and it will likely take time for the stock to recover. With the advertising upfronts right around the corner in May, we wonder what Fox is going to tell advertisers and how it will fill the gap in terms of programming and viewership.”

Not counting sports, according to the latest Nielsen ratings, Carlson has the top-rated prime-time show on cable TV, with a nightly audience that was at times in excess of 3.7 million viewers. However Nispel said he is confident that the channel will recover the majority of its online viewers, as soon as Carlson’s replacement host is announced.

As Fox shareholders exited the stock, other investors began to speculate where he might land next, with traders snapping up shares of Rumble Inc, and Digital World Acquisition Corp, the special purpose acquisition company backed by Peter Thiel which is presently merging with Trump media. Both stocks clawed back losses, as Rumble rallied 6% and Digital World gained 2.9%.

Matthew Tuttle, CEO and CIO of Tuttle Capital Management, which picked up a sizable block of Rumble, noted Carlson’s departure is “definitely going to leave a mark on Fox.”