Friday, February 24, 2012

Google Takes a $453 Million Loss, Sells Its Ownership Stakes In Clearwire

Things just don't look too good for Clearwire. Even though the HTC EVO 4G was America's first 4G phone, and made use of Clearwire's 4G network, WiMAX never really seemed to catch on. To make matters worse, as Clear's finances became murkier, the 4G rollout came to a screeching halt and left lots of EVO users behind on Sprint's sometimes-awesome-sometimes-terrible 3G network.
And now, the latest news is that Google is selling its ownership stake in the company and will take around a $453 million loss. (Google originally invested about $500 million in the company, and is selling its shares for $47 million.) And Google's lack of confidence in the company is obviously affecting others' confidence in the company, as it closed down almost 7% Friday afternoon.

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