United Airlines Loses $1 Billion in Value as CEO Says 'No One Should Ever Be Mistreated This Way'

WASHINGTON - AUGUST 16:  A United Airlines aircraft passes by a Continental Airlines aircraft as it taxis to takeoff from the runway of Ronald Reagan National Airport August 16, 2006 in Washington, DC.  (Photo by Alex Wong/Getty Images)

United Airlines Loses $1 Billion in Value as CEO Says 'No One Should Ever Be Mistreated This Way'

Oscar Munoz had a change of heart after stocks slid 4 percent.

Published April 12, 2017

As a result of the controversial video of a passenger getting dragged off a United Airlines flight, the company saw a slight drop in stock. The company voluntarily removed about $900 million from the market value. 

The airline also experienced a drop of almost 4 percent in stock value on Tuesday. However, the loss slowly decreased throughout the day. Overall, the company was worth $600 million less than it was at the end of Monday.

Although these financial changes probably won’t have an indefinite effect on the company, CEO Oscar Munoz, 57, offered a new letter to staff. In his previous statement, Munoz appeared to blame the passenger, Dr. David Dao. However, in the new note, Munoz said responsibility for the troubling situation rests solely on United.

“The truly horrific event that occurred on this flight has elicited many responses from all of us: outrage, anger, disappointment,” Munoz wrote in a memo. “Like you, I continue to be disturbed by what happened on this flight and I deeply apologize to the customer forcibly removed and to all the customers aboard. No one should ever be mistreated this way.”

Written by Rachel Herron

(Photo: Alex Wong/Getty Images)

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