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Oprah Winfrey lost $50million on paper when Weight Watchers' stock plummeted following the company's report that it hadn't signed up as many subscribers as it hoped this winter and expects its profits to suffer.
The media empire queen owns about eight per cent of Weight Watchers — which rebranded to WW in 2018 — after initially purchasing 10 per cent of the weight-loss and wellness company's stock in 2015, before offloading two per cent of her shares in March 2018.
Weight - Watchers - Tuesday - Start - Company
Weight Watchers revealed Tuesday that it was 'disappointed with our start to 2019,' resulting in the company's stock tumbling more than 30 per cent in after-hours trading that same night.
On Tuesday at 4pm, the Weight Watchers stock was valued at $29.57 per share, but had dropped to $19.42 per share by 9.30am Wednesday.
Decrease - Value - Translates - Loss - Winfrey
The sharp decrease in value translates to an on-paper loss of about $50million for Winfrey.
Weight Watchers' fourth-quarter 2018 net income was said to have fallen 30.5 per cent to $43.8million, even though its number of subscribers by the end of the same period came in at...
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