Intel considers selling more of its stake in Mobileye: report
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Contributor since / Followers
Contributor since / Followers
2 months ago
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- Intel (NASDAQ:INTC) is apparently considering selling more of its stake in Mobileye Global (NASDAQ:MBLY), according to a report by Bloomberg.
- Intel owns an 88% stake in Mobileye, which provides software for self-driving vehicles. Intel might sell some of the shares via the public market or to a third party, according to people familiar with the situation, the report said.
- Intel sold more than $1.5B in Mobileye shares last summer.
- However, Mobileye shares were trading for around $40 at that time. The value of Mobileye shares have dropped 71% year to date to less than $13 per share.
- The report is the latest to surface of the various ways Intel is looking to raise funds and/or cut costs after reporting a net loss of $1.6B during its latest quarterly earnings report.