Billionaire George Soros invests in Herbalife
George Soros, a billionaire investor, purchased a majority stake in nutritional supplement company Herbalife Ltd stated a source with knowledge on the matter on Wednesday. Soros's long position in the health company placed among his top three holdings at the moment.
A Herbalife spokesperson refused to comment on the Soros transaction.
Herbalife stock jumped to its highest price since May 2012 to as much as US$66.25 after CNBC first reported the stake shortly past 11 a.m. On Monday, Herbalife reported a net income of US$143.2 million for the second quarter, a marked improvement from the US$132 million a year earlier.
Herbalife International, which was founded in 1980 by Mark R. Hughes, is a multi-level marketing company that offers a wide range of nutrition, weight management and skin care products. It is headquartered in Grand Cayman, Cayman Islands and currently employs about 6,200 people across the globe.