Television magnate Oprah Winfrey recently purchased a 10% stake in Weight Watchers. According to USA Today she purchased 6.4 million shares in the company stock with an option to buy 3.5 million more shares.
Just the word that Winfrey took a 10% stake in the company — buying 6.4 million shares and being awarded options to buy 3.5 million more — caused the stock to more than double to $13.92 a share.
Winfrey was a massive winner from the one-day spike to the tune of $70 million. However, it’s just a drop in the bucket for Winfrey, who is worth an estimated $3.1 billion, according to Forbes.
Oprah saw an immediate return on her investment when the price of Weight Watchers stock spiked Monday on the news that she was a major share holder.