As the Dixie Fire continues to tear through more land and homes, it also consumed the value of PG&E’s settlement with victims of the company's previous wildfires.
PG&E's past wildfire victims own nearly 25% of the company's shares of stock, which lost about $230 million in value on Monday.
After falling nearly 7% in the morning, PG&E’s stock rebounded slightly to close 5% down at $8.75.
The stock was already worth less than victims were told during PG&E's bankruptcy case. After Monday's trading, victims were $2.5 billion short of the advertised $6.75 billion value of the stock in their settlement with PG&E.
“I would describe it as kicking someone while they’re down,” Will Abrams, a 2017 wildfire survivor who opposed PG&E’s bankruptcy plan, said. “Re-victimizing victims both personally and financially.”