Advanced Driver Assistance Systems (ADAS) Mobily International Company Intel Corp. (NASDAQ: MBLY) shares fell sharply on Friday to a record low after reports that Intel is considering options to sell part of its 88% stake in the Israeli company to ease liquidity problems. The stock fell 8.5% to $11.55, giving it a market value of $9.4 billion, compared to $17 billion ($21 per share) at the time of its initial public offering in December 2022.
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Mobileye’s stock price has fallen 73% since the start of the year due to a slump in expectations, difficulties in the Chinese market and the sale of more than half of its 10.7% stake in the company by Norway’s central bank, Norges Bank. Mobileye is now worth far less than the $15 billion it was acquired by Intel a decade ago.
This article was published in Globes, Israeli Business News – en.globes.co.il – on September 8, 2024.
© Copyright Globes Publisher Itonut (1983) Ltd., 2024.
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