AceShowbiz - The stock of Wight Watchers increased significantly after Oprah Winfrey announced on Monday, October 19 that she invested in the company. The 61-year-old media proprietor reportedly made $70 million for her investment.
Oprah tweeted on Monday, "I believe in the @weightwatchers program so much I decided to invest, join the Board, and partner in #wwfamily evolution." She took a 10|percent| stake which equaled to 6.4 million shares.
As to why Oprah wanted to invest and joined the Board in the company, she said in a statement, "Weight Watchers has given me the tools to begin to make the lasting shift that I and so many of us who are struggling with weight have longed for. I believe in the program so much I decided to invest in the company and partner in its evolution."
Oprah's big name was reportedly the main cause why the stock increased drastically. According to S&P Capital IQ analyst Efraim Levy, the former host of "The Oprah Winfrey Show" "will not just bring attention to the stock, but will accelerate sales and profit recoveries" as the company benefits from "free publicity and media savvy."
While Oprah's single-day earning may be a large sum for most people, it was just "a drop in the bucket" for her, according to USA Today. As Forbes reported, Oprah is worth an estimated $3.1 billion.