Why StoneCo Stock Crashed Today

StoneCo stock plummeted 29.57% after Brazil's incumbent President Luiz Inácio Lula da Silva won the presidential runoff election with 51.8% of votes, defeating conservative candidate Flávio Bolsonaro who received 48.2%. Investors had bet on a Bolsonaro victory, hoping for improved business conditions and lower debt/tax costs. Bolsonaro is challenging the results, though other South American leaders have congratulated Lula on his victory.