Clearwire Takes A Major Hit, Google Announces Plans to Sell
Rarely is it that a news story comes out in favor of Clearwire these days and unfortunately for the WiMAX provider today is another bad news day. According to documents that Google filed with the SEC earlier the company is planning to offload all Clearwire shares.
The original investment in Clearwire came from Google in 2008, 6.5% of the company for $500M. Just four years later Google is looking to get just a $1.60 per share for a loss of $452M. Those shares in Clearwire will go on sale February 27 and it can be expected that Clearwire will fall even lower than its price of $2.12 at the time of writing this article. Question for the investors out there is if they plan to invest in a company that has no real future prospects or even enough money to cover day-to-day operations?