Celsius (CELH) Stock: Jumps as Rockstar Founder Takes 4.7% Stake and Calls for New CEO
TLDR
- Rockstar Energy founder Russ Savage has built a 12 million share stake in Celsius Holdings, worth roughly $300 million, equal to about 4.7% of the company.
- Savage is publicly demanding the removal of the CEO, COO, brand manager, and marketing manager.
- He is putting himself forward as the next CEO.
- Celsius stock surged around 12% Friday, partially recovering from an 18% drop Thursday after a Q2 earnings miss.
- Celsius reported Q2 EPS of 36 cents versus the 43 cents expected, with revenue of $817.9 million missing the $870 million estimate.
Celsius Holdings stock jumped roughly 12% on Friday after CNBC reported that Russ Savage, founder of Rockstar Energy, has quietly built a 4.7% stake in the company and is now publicly calling for a leadership overhaul.
The stock currently trades around $27 per share after Fridayโs gain, clawing back some ground following an 18% plunge on Thursday.
That drop came after Celsius posted Q2 earnings of 36 cents per share, well below the 43 cents Wall Street had expected. Revenue came in at $817.9 million, missing estimates of $870 million. Net income fell by more than half compared to the same quarter last year.
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