Liberty Media Corporation's Series A shares (FWONA) plummeted 5.97% on Thursday following the release of its fourth quarter and full year 2024 financial results. The media conglomerate reported a net loss attributable to stockholders of $2.06 billion for 2024, a stark contrast to the net earnings of $761 million in 2023.

While the company's revenue rose slightly to $3.65 billion from $3.57 billion in the previous year, investor concerns centered around the future direction of Formula One, one of Liberty Media's key assets.

Christian Horner, the team principal of Red Bull Racing, expressed support for a potential return to louder, V10 engines after 2026. This statement came despite the significant investments made by teams in developing the new V6 turbo-hybrid engines set to debut in 2026. Horner cited the potential for sustainable fuels and a return to the iconic sound of grand prix racing as reasons for considering V10 engines in the future.

However, Toto Wolff, the team principal of Mercedes-AMG Petronas F1 Team, cautioned against diluting the message surrounding the 2026 regulations. These new rules aim to push the boundaries of battery technology and introduce 100% sustainable fuel, positioning Formula One as a trailblazer in sustainability. Wolff suggested that discussions of major engine changes could be premature and potentially undermine the sport's messaging.

The divergent views from two of Formula One's leading team principals have fueled uncertainty among investors regarding the future direction of the sport. This uncertainty, coupled with Liberty Media's reported net loss, contributed to the significant decline in the company's Series A stock price.