Media mogul and billionaire Oprah Winfrey has lost between $39 and $50 million – depending on whom you consult – after Weight Watchers announced its profits for 2019 will fall way short of what Wall Street predicted.
Oprah owns more than 8 percent of Weight Watchers and is the company’s largest individual shareholder.
Weight Watchers stock fell 23 percent to $22.65 in extended trading at 5 p.m. on Tuesday, Bloomberg News reported.
The event means that the value of Oprah’s stake in Weight Watchers has dropped to $122.7 million, according to Bloomberg.
The founder of the Oprah Winfrey Network, however, will not exactly go under anytime soon. She is worth $3.4 billion, according to the Bloomberg Billionaire’s Index.
The numbers moved after Weight Watchers said it was experiencing some trip ups with a new focus on health and wellness rather than on dropping pounds, the New York Post reported. The company based in New York acknowledged that its messaging had not focused enough on weight loss.
“Our winter advertising did not drive consumers in the way we had hoped,” the Post reported that chief executive Mindy Grossman told analysts in a call.
Grossman, in a statement published by Fox News, said Oprah will take part in future advertising by the company, which now calls itself WW.
“Looking ahead, I’m happy to say that Oprah Winfrey will play a central role in our upcoming TV and digital marketing campaign for spring, bringing to life a clear message on how WW is the program that works,” Grossman said. “Together with Oprah, we are also working on an initiative to galvanize and bring together communities through a series of digital and live experiences and events to accelerate WW’s impact and allow us to reach new and diverse audiences.”
Oprah sold some of her stakes in the company last year, CNBC reported.