Turns out, not everything Oprah Winfrey touches turns to gold. The media mogul lost big yesterday when Weight Watchers, the diet company of which she's spokesperson and major shareholder, announced a 21 percent drop in revenue thanks to a huge decrease in subscribers.
Winfrey has a 10 percent stake in the company and even sits on the board, meaning the bad news personally cost her $24 million.
When Oprah joined Weight Watchers last year, it appeared her magic was going to save the company. Stocks soared after she went public as the face of Weight Watchers, and the billionaire mogul took home $45 million in the 24 hours after her announcement. When she tweeted about eating carbs on the program, she sent the stock soaring again and bagged another $12 million:
Winfrey says she has lost nearly 25 pounds since starting Weight Watchers. Unfortunately, at least part of that is from her pockets getting lighter. Take a look at when the Oprah effect was strong and it seemed like she was going to inspire the whole country to join Weight Watchers.
(Photo: Rich Polk/Getty Images for ESSENCE)
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