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Oprah Winfrey could find herself about $50 million lighter by the end of the day.
Shares of WW (formerly known as Weight Watchers) on Wednesday are tanking. As the largest individual company stockholder, Winfrey’s feeling the pinch.
The stock had plunged 33 percent, or $9,89 per share, as of 11:00am ET. Winfrey reportedly owns more than 5 million shares of the company.
Disappointing fourth-quarter earnings are behind the drop, as the company struggles to attract more members. Additionally, WW issued weak guidance for the year.
Despite the significant slide in her investment’s value, Winfrey likely is still quite happy with her financial interest in the company. She first bought into Weight Watchers in 2015 at just $6,79 per share. (She sold some of that stake last March.)
She has been a central figure of the company’s advertising since her initial investment, and the company said she will continue to do so, in an attempt to calm investors.
Even with the substantial dip in WW’s stock, Oprah’s fortune is in no danger. Bloomberg’s billionaire index estimates her net worth to be in the neighborhood of $3,5 billion.
Beyond her work with Weight Watchers, she also co-owns the Oprah Winfrey Network and recently struck a multi-year content deal with Apple. — Fourtune.
Bongani Ndlovu