According to Business Insider, shares of the media company recovered slightly later in the day and were trading at $29.61, down almost 4 percent by 12:15 pm Eastern Time. By the market's close, shares had gone up slightly to finish at $29.91.
The decision to part ways with Carlson was announced less than a week after Fox Corporation and Dominion Voting Systems reached a $787 million settlement after private text messages were revealed from Fox hosts, including Carlson, who criticized the Fox News management.
Carlson was one of the network's most popular hosts. His show was consistently rated as one of the most-watched cable news shows.
On Monday, former President Donald Trump said he was "shocked" by the news that Tucker Carlson was parting ways with Fox News telling Greg Kelly on Newsmax, "I'm shocked, I'm surprised."
"He's a very good person, a very good man, very talented, as you know, and he had very high ratings," Trump added.
Trump also posted to Truth Social on Monday, "The fact that Tucker Carlson will no longer be on Fox News is a big blow to cable news, and to America. Tucker was insightful interesting and ratings gold. He will be greatly missed!"
Fox News has not yet revealed why it suddenly parted ways with the top-rated host, so suddenly in fact that the network was still airing promotion segments for Carlson's show on Monday morning after the announcement was made.
On Monday, it was revealed that the decision to remove Tucker Carlson from Fox News' lineup came straight from Fox Corp. Chairman Rupert Murdoch.
Comment: See: Tucker Carlson is out at Fox News