HTC, the smartphone company maker which originally offered their products to include a product by Beats Electronics, founded by Dr. Dre and Jimmy Lovine, has sold half their shares in Beats. HTC had originally bought half the shares of Beats for over $300 million, but sold half of their shares for $150 million resulting in a 4% drop in HTC shares.
Although HTC sold a majority of their shares in Beats, HTC still remains Beats largest shareholder with 25.1%. HTC made a statement regarding their actions saying it “provides Beats with more flexibility for global expansion while maintaining HTC’s major stake and commercial exclusivity in mobile.”
– John Weber (@JohnPaulWeber)