Oprah Winfrey has lost $24 million thanks to Weight Watchers.Last year,she bought a 10 percent stake in the weight loss company for $43.2 million, joined the company’s board of directors, became a spokesmodel for the brand and began its diet plan.
According to Reuters,on Thursday, the company reported a 21 percent drop in fourth-quarter net revenue, which sent its shares down more than 27 percent in extended trading. As a result, Winfrey’s stake plunged by about $24 million.. However, she has still gained almost $75 million since she made her investment, the news wire added.
On the day Winfrey first invested in Weight Watchers, its shares doubled in value, while she made $70 million in just a day and also single-handedly generated $700 million in stock market value in two days, Forbes had reported. In January, after she tweeted a video saying she lost 26 pounds on the diet program while still eating bread every day, company stocks rallied more than 16 percent and she made $12 million.
Culled from E!