Texas Landowner’s Stock Sinks as CEO of Top Shareholder Dies

Shares of Texas Pacific Land Corp. tumbled Thursday after the chief executive officer of its largest shareholder died, rattling investors in the Permian Basin landowner that has drawn attention as technology companies seek sites for data centers.

The stock fell 15.7% Thursday, the biggest one-day drop since March 2020. Murray Stahl, who was CEO of Horizon Kinetics Holding Corp. and a board member of Texas Pacific, passed away on April 7, according to a statement. The firm owns nearly 15% of the Dallas-based Texas Pacific, whose market value reached $35 billion last month, exceeding that of oilfield services giant Halliburton Co.