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Malone's F1 Power Drained to 3%

5 Nov

Summary

Liberty Media reduced John Malone's voting power significantly.
Malone's stake dropped to approximately 3% from 48%.
He will step down from chairman emeritus role but remains an advisor.

Liberty Media, the owner of Formula 1, revealed on Thursday a significant reduction in the voting power held by entities associated with John Malone. This strategic move has decreased Malone's voting influence to approximately 3%, a substantial drop from his previous stake of about 48%.

As part of this restructuring, Malone will be stepping down from his role as chairman emeritus. Despite this change in title, he will remain with Liberty Media in the capacity of a senior adviser. The company's shares saw a positive market reaction, increasing by 9% following the announcement.

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