Mobileye hits record low as Intel mulls selling stake



Advanced driving assistance systems (ADAS) company Mobileye Global Inc. (Nasdaq: MBLY) share price fell sharply on Friday to a record low after reports that Intel is considering options for selling part of its 88% stake in the Israeli company in order to ease its liquidity problems. The share price fell 8.5% to $11.55, giving a market cap of $9.4 billion, compared to $17 billion ($21 per share) at the time of its IPO in December 2022.







Mobileye’s share price has fallen 73% since the start of the year due to lower forecasts, difficulties in the Chinese market, and the sale of over half of its 10.7% stake in the company by Norwegian central bank Norges Bank. Mobileye is now worth far less than the $15 billion at which it was acquired by Intel a decade ago.

Published by Globes, Israel business news – en.globes.co.il – on September 8, 2024.

© Copyright of Globes Publisher Itonut (1983) Ltd., 2024.


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