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That is how much shareholders of companies endorsed by Mr. Woods lost after his recent scandals acordiong to a study by Univeristy of California's researchers Victor Stango and Christopher Knittel.
They estimate that the loss is between $5B and $12B, and is based on the stock market returns on the 13 tradings days after November 27 .
Tiger Woods is estimate to earn $100M per year in endorsements.
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