Oprah Winfrey by Shawn Michael Warren / Oil on linen 2023 / National Portrait Gallery, Smithsonian … [+]
The National Museum of African American History and Culture (NMAAHC) is getting a hefty injection of WeightWatchers stock after Oprah Winfrey admitted to using a GLP-1 diet drug such as Ozempic and Wegovy. The billionaire, who has long battled the emotional pangs of weight fluctuations, today announced she’s shedding 1.113 million shares in WW International, Inc., formerly Weight Watchers International, Inc., to avoid conflict over her use of the weight-loss medication popular among A-list celebrities.
Winfrey, who told People magazine in December 2023 that she was using a GLP-1 weight-loss medication, has served on WW’s board since 2015. She will not stand for re-election at WeightWatchers annual meeting in May.
Winfrey’s decision “was not the result of any disagreement with the company on any matter relating to the company’s operations, policies or practices,” WW International said in a regulatory filing, adding that its board will whittle down from 10 to nine members following its annual meeting.
Shares of the New York-based company yo-yoed after the announcement, weighing in at $2.86 mid-day on the NASDAQ, at the low-end of their 52-week range of between $2.79 and $13,30. At a lean $2.86 a share, Winfrey’s stake is worth a heavy $3.18 million. Winfrey was WW’s largest individual shareholder, with a fat stake of 1.43%.
Today’s capital infusion gains on Winfrey’s $12 million donation to NMAAHC in Washington, D.C. – part of the Smithsonian, the world’s largest museum and research complex – announced in June 2013, to support the capital campaign of the then-new museum. That beefed up her $1 million gift in 2007, making her donations the museum’s largest to date. The chairman and CEO of OWN, the Oprah Winfrey Network, has been a member of the NMAAHCs advisory council since 2004.
In December 2023, the Smithsonian’s National Portrait Gallery revealed a full-length portrait of Winfrey in a floor-length purple taffeta gown posing joyfully in her verdant, hyper-manicured California estate garden. The museum commissioned Chicago-based artist Shawn Michael Warren to create the monumental oil on linen painting, which is nearly six-feet-high, and nearly five-feet wide, for its permanent collection.
The talk show host and renowned philanthropist owns a vast art collection, including an array of masterworks by diverse artists such as oGustav Klimt, Richard Edward Miller, and Hovsep Pushman.
In February 2019, I claimed my spot in a bubbly crowd of some 750 people at Sotheby’s vibrant New York contemporary art galleries to hear Winfrey and renowned art patron Agnes Gund promote the first-ever all-women artist benefit auction. Students and graduates of Miss Porter’s School, a private, all-girls college preparatory school in Farmington, Conn., and Sotheby’s toasted to the March 1, 2019, “By Women, For Tomorrow’s Women” auction.
WW International did not directly address a request for comment on why Winfrey taking the prescription is a potential conflict, since the company bit into the weight-loss drug space last year with a $106 million deal to buy Sequence, a telehealth provider with annual revenue of about $25 million and about 24,000 members.
The company shared this statement via email: ‘After nearly a decade of service as a member of WeightWatchers’ Board of Directors, Oprah Winfrey has decided to not stand for re-election in May. We are deeply grateful to Oprah for her dedication, unwavering support and invaluable partnership. Her ability to inspire millions of people to put their health and wellness first will have a lasting impact on our members and brand. We’re enthusiastic about her continued advisement and collaboration with the company, including her role in our upcoming Weight Health event and her advocacy in addressing this critically important topic.’
