The CEO and founder of Papa John's saw his net worth drop by millions after the pizza chain reported worse-than-expected sales, which the CEO blamed on the NFL.
CEO John Schnatter's net worth dropped $70 million in less than 24 hours, from Tuesday afternoon to Wednesday afternoon, Forbes reported. As of Wednesday, Schnatter was worth $801 million.
Schnatter owns roughly 25% of Papa John's. As Business Insider pointed out, when the company suffers, he's directly impacted.
Papa John's shares plummeted after the company reported Tuesday that same-store sales grew 1% in the most recent quarter, falling short of expectations. The company additionally lowered its North American same-store sales prediction for the year to 1.5%, down from 2-4%.
Shares fell further after the company'sduring which Schnatter blamed NFL leadership for failing to resolve the controversy over players kneeling during the national anthem. Many fans understandably grew upset at the comments.
"We are totally disappointed that the NFL and its leadership did not resolve the ongoing situation to the satisfaction of all parties long ago," Schnatter said. "This should have been nipped in the bud a year and a half ago."