- Following a vicious stock price downturn, GE is making a last-ditch attempt to raise cash.
- GE Ventures intends to sell its portfolio of investments in more than 100 startups as part of the firm’s “multiyear turnaround.”
- GE stock has plunged nearly 30% from its 52-week high at $14.44.
By CCN Markets: Amid a “multiyear turnaround” which has seen GE’s stock drop double digits this year, GE is reportedly looking to offload a large portfolio of startup investments. The Ventures wing of one of America’s oldest companies reportedly owns stakes in more than 100 different companies and is looking for a buyer, according to CNBC.
GE Offloads Equity as Stock Plunges Toward Historic Lows
GE has racked up a debt of more than $100 billion. Share prices have declined by around 23% this year, closing at $10.31 on Thursday. The situation hasn’t looked good in a while for the company. Therefore, offloading its growing investment portfolio, which was established in 2013, might be one of several necessary moves intended to kickstart their cash situation.
The appliance magnate owns equity in health firms, technology startups, and energy companies. They’re reportedly in talks with several different options, including other funds which may be looking to expand into the areas represented.
According to comment from a GE representative, the sale might not include everything. GE might be trying to liquidate some, but continue to earn on others. Megan Newhouse reportedly said in a statement:
“During this time of transformation for GE, we are evaluating strategic options for GE Ventures to continue delivering returns for our shareholders and partners. While we can’t comment specifically on that process, we remain committed to supporting our portfolio companies, business units and partnering with the entrepreneurial ecosystem.”
Sources for CNBC have claimed that Lazard, an…