According to the regulatory filings submitted to the U.S. Securities and Exchange Commission on Monday by Google, the search giant suffered a huge loss as a result of undersellling the shares in U.S. wireless broadband provider Clearwire.
The filings show that Google undersold 2940 shares of Clearwire stock at a price of $2.26 per share on March 1, making cash of $66.5 million. Considering the $500 million investment in Clearwire when this company was just a startup in 200, Google suffered a significant loss.
Google said last month that they intended to sell the Clearwire stock at $1.60 per share. If so, Google’s loss would be more serious.
The Clearwire stock price closed at $2.08 on Tuesday, 7.5% below the Google’s selling price.
GOOG – Google stock price, CLWR - Clearwire stock price