Celsius falls 12% after the energy drink company is forced to pay rapper Flo Rida $82 million in breach of contract lawsuit
The stock fell another 2% in Thursday's trading session, bringing the total loss to about 12%.
When Flo Rida signed the endorsement deal, Celsius has a market valuation of about $10 million. Today, the company is worth about $8 billion. "In Flo's mind this was always a Vitamin Water-type of deal, he was signing on to 1% of the company of a multimillion-dollar endorsement deal and was hardly getting paid anything for it," Flo Rida's attorneyFlo Rida had initially sued Celsius for $30,000 in 2021, but those damages increased immensely during the trial.
That information had to do with the company hitting certain sales goals that were part of its original contract with the rapper. As Celsius hit those milestones, it was supposed to pay the rapper more as part of the deal. But the energy drink company never informed the rapper that the milestones were met.
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