Epstein Risk Rekindled... $10 Billion Vanished from Wall Street Alternative Investment Giants in a Day

Shares of Apollo Global Management Inc. (NYSE: APO) tumbled 14.84% in New York trading, closing at $108.44. Volume swelled to about 2.86 million shares—well above the norm—and the firm’s market capitalization contracted to roughly $62.7 billion (about ₩85–90 trillion), wiping out approximately $8.1 billion (around ₩10 trillion) in enterprise value in a single day.

The sell-off follows the U.S. Department of Justice’s release of Jeffrey Epstein–related documents and the subsequent filing of a securities class action accusing Apollo of downplaying or denying its past business ties with Epstein. Several investor-rights law firms have urged shareholders to join the suit, amplifying governance-risk concerns. Those worries have been compounded by Apollo’s move in late March to impose redemption limits on one of its private credit funds, stoking fears over liquidity and reputational risk and weighing on investor sentiment.

Founded in 1990 by Leon Black, Mark Rowan and Josh Harris, Apollo is a leading U.S.-based global alternative-asset manager overseeing thousands of billions of dollars in credit, private equity, real estate and insurance assets. In 2021, Leon Black stepped down as CEO amid fallout from the Epstein scandal; co-founder Mark Rowan now serves as chief executive. Market attention is now focused on how ongoing litigation and regulatory pressures might leave lasting scars on Apollo’s long-term reputation and cost of capital.