Lucinda Shen writes, “Following accusations of sexual harassment by model Kate Upton, Guess cofounder Paul Marciano is temporarily relinquishing his pay and day-to-day responsibilities as the high-end fashion brand investigates the allegations.
Upton first came forward in a tweet about Marciano, and later detailed to Time how Marciano had allegedly groped her. Marciano has denied the claims.
Since Upton’s tweet first came out tagged with the MeToo hasthtag, shares of the publicly traded company have dropped roughly 22%.
That drop has also hit Paul Marciano’s net worth. Over the past two weeks, the executive has lost $52.8 million from his stake of about 12.7 million Guess shares and options exercisable over the next 60 days, according to filings with the Securities and Exchange Commission.