Carnival's initial fundraising efforts had worked, saying the company had enough money to last the rest of the year without any revenue. But Carnival wasn't done trying to bolster its finances.
The moves did not appear to give investors much confidence. At the end of May 14, the day the layoffs were announced, Carnival stock was trading at $12.27 per share, up just $0.01 from the day before but down from $54 a year earlier. "None of them are at fault for COVID-19 shutting the industry down, and they're all trying to mitigate it the best way that they can," Katz said. "I think it's going to be hard to pin this on the CEO."
Eight current and former Carnival employees told Business Insider they largely agreed with Donald's characterization, saying the company has done the best it can in responding to a crisis that no business or government body could have been prepared for. "You should have stopped then because had they done that, there wouldn't have been the Ruby Princess, the Grand Princess, all the scares and the people stuck out at sea for weeks. There wouldn't have been any of this. All the crew would have been home."
And Carnival — like other cruise lines such as Disney and Royal Caribbean — has earned the devotion of, frequent passengers who spend much of their vacation time enjoying themselves on cruise ships.
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