As Kodak’s market share continues to plummet, Microsoft founder and chairman, Bill Gates recently acquired 8 million shares of the photo gear and supplies giant and now controls 5.2% of the common stock. Eastman Kodak Co., the camera pioneer lost more than $4.5 billion in market value last year and expects to lose another $400 million in 2009 as it struggles to shift to digital photography. While the Kodak brand still has marketing appeal, Kodak must deal with the loss of it’s highly profitable chemical sector and try to compete in the already overcrowded consumer camera space.
Although Gates has the resources to take advantage of Kodak’s suppressed stock price, he was never known for just throwing money away. Perhaps Kodak has some major announcements yet to come which will revitalize this once historic photography icon….let’s hope so.
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