Uh oh! Oprah Winfrey’s stock portfolio took a major hit earlier this week on her Weight Watchers investment.
The 65-year-old mogul, who owns more than 8 percent of the wellness company, lost nearly $58 million on paper Wednesday morning as the company’s stock plunged.
That’s 58 MILLION with an “M”!
As we all know, the beginning of the year is the most crucial time for healthy living ventures as the New Year diet trend begins.
Apparently this year, Weight Watchers wasn’t top of the list for most dieters as it’s shares fell 36.1 percent in early trading Wednesday to $18.90 after the company reported Tuesday that it was “disappointed with our start to 2019.”
Weight Watchers rebranded as WW in 2018 with Winfrey’s blessing, aiming to ride a wave of interest in wellness and natural ingredients. But the pivot away from a clear focus on weight loss could be what’s hindering interest.
WW CEO Mindy Grossman said in a statement that the company has had “a soft start to 2019 versus last year’s strong performance” since its early-year recruitment period did not go well.
Gross man also notes that Winfrey has personally agreed to “play a central role in our upcoming TV and digital marketing campaign,” to regain momentum.
Winfrey first invested in Weight Watchers in 2015, acquiring 10 percent of the company for $6.79 per share and the stocks surged after her endorsement in the company.
While her shares remain nearly three times their original value at the time she invested, the current stock value is off 82 percent from its 52-week high of $105.73.
I guess that means we should look for more motivational weight loss commercials from Mother O soon!