Oprah Winfrey, who spurred a comeback at Weight Watchers International Inc. when she bought a stake in the company in 2015, has sold part of her holdings.
The media mogul unloaded the shares to diversify her investment portfolio and also donated some to charity, according according to the statement Tuesday from the New York-based weight-loss company. Winfrey won’t sell additional shares this year, Weight Watchers said.
“I am deeply committed to Weight Watchers and continue to see a bright future for the company,” Winfrey said in the statement.
The news didn’t faze investors. Weight Watchers shares, which had dropped the previous seven straight trading days, climbed as much as 7.4 percent to $62.75 on Wednesday.
Weight Watchers was struggling when Winfrey bought a stake in the company and agreed to pitch the brand in 2015. Since then, the company has been adding subscribers and updating its program with technology improvements that have resonated with customers.
The shares nearly quadrupled in 2017 and had gained 32 percent this year through the close of trading on Tuesday.