Nine's $3bn decline

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Welcome to a Tuesday update from Unmade. Today: Nine’s Mike Sneesby becomes the first local media CEO to have deliver shareholders a decline in valuation of more than $3bn.

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Nine’s valuation falls below $2bn, after losing $3bn in the space of three years

On the day this picture was taken, Mike Sneesby was in charge of a $5bn company. Now Nine is worth $2bn

For a while yesterday, Nine’s market capitalisation dipped below $2bn, before recovering slightly to finish the day at $2.006bn. Those extra decimal places make a big psychological difference.